As more and more strong monthly trading volumes for March pour in for brokers, exchanges and trading platforms, multi-asset brokerage Saxo Bank has joined the ranks by reporting strong foreign exchange (forex) and equities trading volumes.
For the month of March, Saxo Bank recorded a total monthly volume of $496.8 billion and a daily average of $22.6 billion, driven by market volatility caused by the coronavirus pandemic. When measuring March’s monthly volume against the previous month, which was $314.7 billion, volumes have increased by 57.9 percent.
Comparing last month’s total trading volume against the corresponding period of the previous year, which had a total monthly volume of $251.9 billion, last month’s volume has jumped by 97.2 percent year-on-year. The total monthly volume is the strongest Saxo Bank has achieved since March of 2018.
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Saxo Bank posts best FX volumes in years
Taking a look at the total monthly foreign exchange (forex) volume, the broker has achieved a solid monthly uptick. Coming in at $248.6 billion in March, volumes have grown by 72.8 percent month-on-month. March’s total FX volume is the best result Saxo Bank has posted since June of 2018.
The total trading volume for equities in March also managed to achieve a strong uptick from the previous month, rising from $119.9 billion in February of 2020 to reach $182.6 billion. This translates to a growth of 52.3 percent. Against March of 2019, volumes have jumped significantly by 213.7 percent.
Fixed-income trading also did well in March, with the monthly volume coming in at $22.6 billion. Against February, volumes are higher by around 65.0 percent, and they have risen by 143.0 percent on a yearly comparison.
Wrapping up the analysis is the trading volume for commodities, which was $43.1 billion in March of 2020. Weighing this against the previous month, volumes have increased by 15.5 percent. They have also surged by 74.5 percent on a yearly measurement.