Danish multi-asset brokerage Saxo Bank has reported its monthly metrics for May 2020, having managed to recover from the weak momentum seen last month due to a more volatile market trading atmosphere. The latest figures, however, saw a sizable consolidation in key volumes segments, failing to overtake a number of recent highs seen in March.
This week some of the competitors of the Danish brokerage, such as Gain Capital, also reported mixed results in their trading metrics for May over the month.
During May 2020, Saxo Bank’s average daily FX volume came in at $7.6 billion, up seven percent month-over-month from $7.1 billion in April 2020. April’s figure was the weakest since January, totaling a nearly 38.0 percent drop from the year’s peak set earlier in March at $11.3 billion.
May’s ADV for last month was also higher year-over-year, correlating to an increase of 21 percent relative to $6.3 billion in May 2019.
In terms of Saxo Bank’s total monthly FX volume in May 2020, it was reported at $158.7 billion, up nine percent from $145.2 billion a year ago. However, this figure corresponds to a monthly drop of three percent compared to $163.0 billion in April 2020.
Furthermore, the increased volatility has not given Saxo extraordinary volumes in all products, with commodities and fixed income products lower month-over-month, but equity bested its April equivalent.
Overall, Saxo Bank’s average daily volume across all asset classes was mildly higher during May 2020, reported at $13.6 billion per day, up three percent month-over-month relative to $13.2 billion the month prior. It was also higher by 14 percent from $11.9 billion a year ago.
Saxo Bank has been expanding its portfolio in 2019, most recently it has completed the acquisition of Dutch lender BinckBank and now owns nearly 98 percent in the online broker. Saxo said that their similar geographic footprint, products, and customer bases meant the merger made sense and would also many efficiencies.