Saxo Bank released its trading
metrics for April on Wednesday, reporting its lowest monthly forex volume since
December 2021 when it posted $95.7 billion. The total forex volume of the
Copenhagen-based retail FX and CFDs brokerage slumped 34%to $102.8 billion, which is down from $155.6 billion in March 2023. In addition, the average daily volume of
forex traded on the brokerage’s platform decreased 25% to $5.1 billion
in April, which is down from $6.8 billion in the prior month. The big drop comes as the
Danish broker in March saw a reversal of the three-month declines in its total
monthly FX volume.In November 2022, Saxo Bank reported
a monthly volume of $138 billion. However, the figure dropped 12% to $121.3
billion in December and declined in the two subsequent months to $115.2 billion
and $110.8 billion, respectively. However, in March FX volume shot up to $155
billion only to recede to a year-plus low.Institutional Spot FX Slumps in
AprilBeyond retail FX trading, Finance Magnates reports that trading activities in spot forex
among institutional investors shrank in April across major regions. In America, Cboe FX reported a drop of 29% MoM in
its spot FX volume and aggregation services provider, FXSpotStream, also recorded a similar
decline in volume.In Europe, 360T, one of the continent’s largest institutional FX trading platforms, saw its volume slump 21% MoM. In Asia, Japan’s Click 365 generated the biggest decline as its FX
daily futures contracts dropped 43.3% MoM.Saxo Bank’s Overall Volume
Shrinks in AprilApart from FX, trading in
commodities, equities and fixed income on Saxo Bank’s platforms went down
in April, pushing the Danish online trading and investment services provider’s
overall volume down 34% to $318.7 billion. In commodities trading, the total and average daily volumes decreased 22% and 11% MoM to $34.3 billion and $1.7 billion,
respectively. Both volumes dropped from $44.2 billion and $1.9 billion in the prior month, respectively. Furthermore, total monthly
trading in equities declined 33% from $259.9 billion to $174.7 billion, with
ADV going down 23% to $8.7 billion. Moreover, fixed income saw the
biggest decrease in trading activities, with total volumes collapsing 70% from $22.4
billion to $6.8 billion in April. The ADV of trading in this asset class also went down by an equal measure to $0.3 billion.BlackBull adds DXtrade; Gate.io’s new license; read today’s news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
