Danish multi-asset brokerage Saxo Bank has just reported on its monthly trading volumes figures. The company posted a net increase during the month of July, which is a rare occurrence in the hot summer months. The move confirms the prognosis of Finance Magnates that a lot of trading venues will see higher volumes throughout the summer in the aftermath of Brexit.
The latest stats from the company show a monthly rise of 1.5 per cent if we look at the total figure of $265 billion. On an average daily volume (ADV) basis, the figure was even higher: up by 6 per cent to $12.6 billion daily.
The total monthly volume is higher by a whopping 60 per cent when compared to July 2015 and by 46 per cent when we take into account ADV numbers.
The increase in trading volumes even in a seasonally weak July is a testament to the successful efforts made by Saxo Bank in recent quarters to improve its offering. After last year the Danish brokerage launched a new multi-device trading platform SaxoTraderGO, this year the firm has revamped its forex product, delivering much lower competitive spreads and optimizing commissions.
Saxo Bank’s clients continued piling up on collateral deposits with the amount growing to a new record high of $12.79 billion. The figure has risen since the start of the year by 13 per cent, marking new record highs for the Danish brokerage.