Saxo Bank's foreign exchange trading volume bottomed out in May, and stock demand fell from its peak.
Foreign exchange volumes in May were $79.6 billion, the lowest since 2016. Saxo Bank's client assets recently reached DKK 800 billion ($116.1 billion).
Saxo Bank's FX trading volume took another hit in May, falling to $79.6 billion per month. This is the lowest level since the platform began publishing trading metrics in 2016.
FX trading volume at bottom
Saxo Bank's FX trading volume fell by more than 19.8% in May compared to the previous month. This was even lower than the low point in March, when volumes plunged to $85.1 billion. Although demand picked up in April, last month's decline confirms that this decline is unsustainable.
The average daily volume of foreign exchange instruments also fell to $3.5 billion, compared with $4.5 billion in April 2023 and $5.7 billion in May. The latest monthly trading volume was also down 39% year-on-year.
In addition to FX, Saxo Bank's demand for equity instruments also declined last month. Total monthly equity trading volume touched US$241.5bn, down from the previous month's peak of US$303.7bn. Compared to the same period last year, demand for equities grew by 57%.
Commodity instruments offered by Saxo Bank followed the overall trend, with monthly trading volume falling to $56.8 billion in May from $70.7 billion in the previous month. At the same time last year, monthly commodities trading volume stood at $40.7 billion.
However, monthly demand for fixed income instruments was the only one to increase last month, jumping to $10.3 billion from $9.0 billion in the previous month. Saxo Bank also offers cryptocurrency CFDs in some Asia-Pacific markets, but does not regularly publish trading volumes for these instruments.
Other metrics hit record highs
Meanwhile, client assets held by Saxo Bank recently reached DKK 800 billion ($116.1 billion), a record high for the Danish broker. The figure was achieved on the basis of more than 1.2 million customer deposits worldwide.
The brokerage is making further changes to its top management. It recently appointed Andrew Bresler as UK CEO and Casper Solbakken as global head of commercial products and experience. It has also promoted Stig Christensen to chief commercial officer following the merger of its global sales and SXO divisions.
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