Saxo Bank Reports The Fall of The Trading Volumes in April
Saxo Bank’s FX average volumes have fallen to $11.7 billion, which is more than 20%. It is the second month in a row that the volumes are falling and also the lowest since December 2017.
Saxo Bank is a fully licensed and regulated Danish bank, based in Copenhagen. Its online trading platform enables the customers to invest across global financial markets. Also the bank is a multi-asset and retail FX brokerage.
The broker’s monthly report for April shows that it failed to overtake March volumes which were relatively low, decreasing the month-over-month metrics in all business sectors.
In March, company’s FX trading volume dropped by 26 % to $317.2 billion. The average daily volume of the trading activity was receded to only $14.4 billion, compare to $21.7 billion in February this year.
During April 2018, Saxo Bank’s FX average daily volumes dropped to $11.7 billion, which is the lowest since December. Looking on the yearly timeframe, this number is still best in comparison to April 2017, which was $10.3 billion.
Last week, Saxo Bank signed an important partnership deal with tech-giant Microsoft. The brokerage will be responsible for the whole banking platform on the Microsoft Cloud.
Although the metrics are a bit down, Saxo Bank is making significant moves in the direction of the growth and development. First of all, it relocated the whole banking platform to Microsoft Cloud. Secondly, the new ownership group based in China is making its first steps in paring assets and leaving the South Africa FX market, so it can expand more in China by partnering with Italian Banca Generali and Chinese SINA Corp’s Valuable.