Saxo Bank Reports Flat FX Volumes in December 2020

Saxo Bank Reports Flat FX Volumes in December 2020

January 6, 2021

Danish multi-asset brokerage Saxo Bank has reported its monthly metrics for December 2020, having managed to hold on strong momentum seen last month due to a more volatile market trading atmosphere. The latest figures, however, saw a sizable consolidation in key volumes segments, failing to overtake a number of recent highs seen in the second and third quarter.

During December 2020, Saxo Bank’s average daily FX volume came in at $5.6 billion, unchanged month-over-month from the same figure reported in November. The ADV metric, however, nearly halved from the year’s peak set earlier in March at $11.3 billion.

December’s ADV for last month was also higher year-over-year, correlating to an increase of 8 percent relative to $5.2 billion in December 2019.

In terms of Saxo Bank’s total monthly FX volume in December 2020, it was reported at $128.1 billion, up 9 percent from $117.6 billion a month ago. Further, this figure corresponds to a yearly rise of 7.7 percent compared to $119 billion in 2019.

Saxo Reports Solid Financial and Operational Metrics in H1 2020

Meanwhile, the increased volatility has not given Saxo extraordinary volumes in all products, with commodities and fixed income products lower month-over-month, and equity also failed to best its November equivalent.

Overall, Saxo Bank’s average daily volume across all asset classes was lower during December 2020, reported at $11.1 billion per day, down 14 percent month-over-month relative to $12.9 billion the month prior. It was also higher by 17 percent from $9.5 billion a year ago.

In the first half of 2020, Saxo Bank reported a record number of new clients, client assets, number of trades, growth in the equity trading business and operating income that more than doubled during the first six months of the year.

For H1 of 2020 net profit was DKK 529 million (US$84.39 million), which is significantly stronger than the net loss of DKK 139 million the multi-asset broker recorded in the first half of last year.

Based on H1 statics, the group posted record-high levels of new clients, with its direct client base growing by more than 80,000 new active clients. With these new active traders, the company has achieved a record-high of more than 620,000 clients.

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