Danish multi asset broker, Saxo Bank, has just reported its monthly turnover volumes for May 2016, having reverted back to a downtrend that was largely unabated since the beginning of the year, according to a Saxo Bank statement.
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With the notable exception of April, every month of 2016 has seen diminishing average daily foreign exchange (FX) volumes at Saxo Bank, though its total monthly volume has been more convoluted. Following a rebound last month, May 2016’s average daily FX turnover came in at only $11.6 billion, correlating to a decline of -6.5% MoM from $12.4 billion in April 2016.
In addition, Saxo Bank’s total monthly volume was held in a narrow consolidation, inching lower marginally to $255 billion in May 2016 from $260 billion in April 2016, or -1.9% MoM. Across a yearly timetable, the latest figures illustrate a growth of 16.4% YoY from $219 billion in May 2015 – Saxo’s turnover has refused to waiver outside a tight band in 2016, encompassing a narrow range of just $6.0 billion thus far. Relative to other brokers, Saxo Bank has avoided staunch declines in its volumes, as many other venues have suffered more pronounced downtrends.
Finally, Saxo Bank’s client collateral deposits again underwent a methodical rise in May 2016, climbing to $12.22 billion in April 2016, up by 1.3% MoM from $12.06 billion in April 2016 – this figure has now risen in every month of 2016. Looking at a YoY comparison however, this figure was also higher by a factor of 6.6% YoY from $11.46 billion in May 2015.