Saxo Bank’s November Volumes Pointed Upward, Strike Fresh 2016 Highs

Saxo Bank scored a 2016 high in its total FX turnover during November, fueled by an influx of market volatility.

Danish multi asset broker Saxo Bank has continued its upward trajectory of volumes heading into November 2016, which overall secured a healthy growth in average daily volumes (ADV) and foreign exchange turnover, per a Saxo statement.

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The latest volumes in November 2016 were reflective of a continued growth, coming in at $15.6 billion in average daily foreign exchange (FX) turnover for the month. This was good for a rise of 23.8% MoM from just $12.6 billion in the month prior.

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Over a yearly timetable, Saxo Bank’s latest average daily turnover also scored a sizable gain en route to a rise of 50.0% YoY from $10.4 billion in November 2015. Looking over another key metric, Saxo Bank once again saw its total volume climb to a fresh 2016 high, this time inking a figure of $344.0 billion.

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November 2016’s total volume at Saxo Bank was also higher by 29.3% MoM from $266.0 billion set back in October 2016. Extending the comparison to a yearly interval, November 2016’s total volume was also 57.8% higher YoY from $218.0 billion in November 2015 – the most recent month also saw Saxo overcome a previous 2016 high, having been the beneficiary of US election-induced trading volatility.

Finally, Saxo Bank’s client collateral deposits fell for a consecutive month in November 2016, inching lower to $12.95 billion, nearly unchanged MoM from $13.01 billion in October 2016 – relative to 2015 however, the latest deposits secured a 13.5% growth YoY from just $11.41 billion in November 2015.

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