Saxo Bank’s volumes during the month of September shot through the roof, rising by more than 51% in nominal terms to $321 billion when compared to the previous month – levels unseen since May 2013 in the heyday of the Japanese yen. The figure is also higher by 46% when compared to September last year.
As the FX volatility came back in full force after Mario Draghi dropped his monetary easing bomb, Scotland voted to remain in the UK and the Japanese economy tumbled into a tailspin after the sales tax hike in April.
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The average daily volumes have increased by more than 44% to $14.6 billion, while the new paradigm on the foreign exchange market has delivered a broad-based rebound in trading activity.
Saxo Bank is the first major retail trading venue to publish its official volume numbers after having seen strong growth on the institutional side of business with KCG Hotspot, ICAP plc’s EBS and the CME Group all reporting dramatically higher activity in September.