Copenhagen-based Saxo Bank reported higher trading volumes for the month of October today, which were up by $18 bln from $220 bln in September, according to information on its corporate website. Clients’ collateral deposits for trading grew by $120 million in October to $7.66 bln and up almost 1.6% from $7.54 bln in the previous reported month.
Average Daily Volumes (ADV) from trading in October was $10.4 bln and down slightly from $10.5 bln in September, indicating a month-over-month (MoM) drop of almost 1%. The overall monthly totals for October was better because of two extra trading days when compared to September (23 vs 21 trading days).
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However, September’s higher average daily figures indicate that Saxo Bank’s trading activity was able to stay ahead of October in terms of higher daily trading volumes. This difference in the number of trading days is the reason why the reported total for the month of October was higher MoM, even though ADV was still down slightly over the same period. Nonetheless, October’s ADV was $10.4 bln, and lower by $100 million or almost 1% MoM.
The ADV and monthly totals reported in October are still well below Saxo’s respective monthly averages in 2013 (including October); whereas the clients’ collateral deposits for trading during October is well above the average monthly average (year-to-date). This trend was highlighted in a previous post by Forex Magnates in August, regarding Saxo Bank’s results.