Danish multi-asset brokerage Saxo Bank has reported its monthly metrics for October 2016, which ultimately managed to overtake last month’s strong volumes, showing more advance MoM across its foreign exchange (FX) business.
Just one month ago, Saxo Bank’s trading volumes spiked higher by 20.4% MoM during September to a total of $221 billion. On an average daily volume basis, trading rose 26.0% to $12.1 billion, compared to just $9.6 billion in August 2016.
During October 2016, Saxo Bank saw its average daily volumes rise to $12.6 billion, good for a jump of 4.1% MoM from $12.1 billion in the month prior. Across a yearly timeframe, this figure does manage to best its 2015 equivalent, scoring a 27.2% advance YoY from just $9.9 billion in October 2015.
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In terms of its total volume, Saxo Bank yielded a figure of $266 billion in October 2016, which despite being higher on average daily basis, actually constitutes a zero change MoM from the same figure registered earlier in September 2016. However, the latest figure is noticeably higher than the $218 billion in total volume secured last October 2015, which equates to a sizable 22.1% gain YoY.
Finally, Saxo Bank’s client collateral deposits was slightly lower by a factor of -1.2% MoM, amounting to $13.01 billion from $13.7 billion in September 2016. However, the figure notched a steady rise YoY as managed to climb by 15.7% from $11.24 billion in October 2015.
Saxo Bank made headlines this week after it signed a strategic partnership agreement with Egyptian investment bank EFG Hermes, which was founded in Egypt over 30 years ago and is focused on the MENA region. The new agreement will deliver to clients of EFG Hermes access to Saxo Bank’s SaxoTraderGO platform via EFG Hermes’ new online trading platform, EFG Hermes One.