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.
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.