Saxo Bank’s Volume Drops for Third Consecutive Month to $311.8B

Denmark-based forex and CFD trading services provider, Saxo Bank, reported the third month of consecutive shrinkage in its total monthly volume in August.

Total volumes from its market activities in commodities, equities, fixed income and forex contracted to $311.8 billion in volume value last month.

Finance Magnates’ analysis of monthly basic key figures for August released by the bank shows that the monthly volume stood at $421.6 billion in May.

However, the volume dropped to $398.8 billion in June and further declined to $322 billion in July before worsening to $311.8 billion last month.

When compared to the same months from last year, this year’s performances are much better in terms of the volume value generated.

For example, the total monthly volume of $311.8 billion generated in August 2022 is an 18% increase from the $264.9 billion generated in the same month last year.

Saxo’s Forex Market

In August, Saxo Bank’s forex daily average volume (ADV) came in at 4.8 billion, a drop of 13% from the preceding month’s $5.5 billion.

Total monthly volume in the forex market dropped 5.1% to $109.8 billion in August. In July, the volume reached $115.9 billion.

Compared to 2021, Saxo Bank’s forex ADV in August rose 9% from $4.4 billion and total monthly volume surged 13% from $96.8 billion.

End of MT4 in Saxo Bank Japan?

MetaTrader4, which was introduced in 2005, is the leading platform for the trading of forex among retail investors.

Early August, Saxo Bank had announced that it will terminate support for MT4 under its Japanese subsidiary by September 4 (Sunday).

«We have decided to terminate the use of MT4 except for some customers on September 4, 2022 (Sunday) as the last day. We would like to express our sincere gratitude to our customers who have used Saxo Bank Securities MT4 so far,” the Bank said.

Meanwhile, the bank recently announced that it has introduced fractional stock index contracts for differences (CFDs) trading for its Japanese traders.

The broker said the move is targeted at lowering the trading barrier for retail traders.

In early August, Saxo Bank also promoted Ronni Bollerup Butler, its former Senior Product Specialist, to lead the broker’s electronic trading and trading services.

Source