Saxo Bank has reported its monthly metrics for February 2016, which ultimately could not overtake last month’s stellar volumes and momentum, showing mixed results MoM across its foreign exchange (FX) business.
Just one month ago, Saxo Bank’s trading volumes spiked higher by 14.6% MoM during the first month of the new year to a total of $258.0 billion. On an average daily volume basis, trading rose 31.6% to $12.9 billion, compared to just $9.8 billion in December 2015.
Fast-forwarding to February 2016 however, Saxo Bank saw its average daily volumes fall to $12.3 billion, down -4.7% MoM from $12.9 billion the month prior. Across a yearly timeframe, this figure does manage to best its 2015 equivalent, scoring a 36.7% jump YoY from just $9.0 billion in February 2015.
ACB Investment Announces Expansion of its Product LineGo to article >>
In terms of its total volume, Saxo Bank yielded a figure of $259.0 billion in February 2016, which despite lower average daily volumes, actually constitutes a slight growth of less than 1.0% MoM from $258.0 billion in January 2016. The latest figure also is noticeably higher than the $179.0 billion in total volume secured last February 2015, which equates to a sizable 44.7% gain YoY.
Finally, Saxo Bank’s client collateral deposits also notched a steady rise MoM, which managed to climb to $10.95 billion in February 2016, up by 14.8% MoM from $10.79 billion in January 2016. Under a broader lens, this figure is slightly lower however by a factor of -1.3% YoY from $11.09 billion in February 2015.
Saxo Bank made headlines recently after it signed a strategic content agreement with CME Group, one of the world’s largest derivatives marketplaces, which extended CME’s educational materials to Saxo Bank’s client base. The new agreement saw the educational portal from CME Group’s Futures Institute distributed to Saxo Bank’s users, focusing on futures trading.