Danish multi-asset brokerage Saxo Bank has reported its monthly metrics for April 2018, which ultimately failed to overtake last month’s flat volumes, showing a renewed decline month-over-month across all business segments.
Just one month ago, Saxo Bank’s FX volume dropped by 26 percent month-over-month during March to a total of $317.2 billion. On an average daily volume basis, trading activity retreated to just $14.4 billion, compared to just $21.7 billion in February 2018.
During April 2018, Saxo Bank saw its FX average daily volumes drop to $11.7 billion, the lowest since December 2017 and also down -19 percent month-over-month from $14.4 billion in the month prior. Across a yearly timeframe, this figure managed to best its 2017 equivalent, scoring a 13.6 percent gain year-over-year from $10.3 billion in April 2017.
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In terms of its total volume, Saxo Bank yielded a figure of $245.4 billion in April 2018, lower by -22.6 percent from $317.2 billion a month earlier. However, the latest figure is noticeably higher than the $206.5 billion in total volume secured last April 2017, which equates to a 19 percent increase year-over-year.
The soft figures across the FX business were also reflective of wider continued weakness. Saxo Bank saw its total ADV drop to $21.5 billion, shedding -30 percent month-over-month from $30.6 billion in March 2018.
Last week, Saxo Bank signed a significant partnership deal with tech-giant Microsoft to run its entire banking platform on the Microsoft Cloud.