Saxo Bank Reports Flat Forex Volumes in December 2020 – Cryptovibes.com – Daily Cryptocurrency and FX News

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Danish multi-asset brokerage Saxo Bank recently reported figures for December 2020, reporting flat forex volumes during the period. The ADV metric for the firm halved from this year’s peak of $11.3 billion.

Strong momentum continues

The momentum gained by the Danish multi-asset brokerage Saxo Bank in November continues in December as well. The firm witnessed more volatile market trading during the month. Key volumes segments noticed a sizeable consolidation. However, they could not move close to the highs reported in the second and third quarter of the year.

In December 2020, the average daily forex volume of the firm was $5.6 billion which remained unchanged on a month-on-month basis compared to the same figure reported in November. It was almost half of this year’s peak ADV of $11.3 billion which occurred in March. The total monthly forex volume for the month of December 2020 was reported at $128.1 billion which rose by 9% compared to $117.6 billion in November. This also marked a 7.7% increase on a year-on-year basis compared to the $119 billion recorded in 2019.

Fourth-quarter was not too exciting

The volatility in the markets didn’t spill over to all sections because of which trading in commodities and fixed income products remained low on a month-on-month basis. The equity segment also failed to perform well during the month.

Overall, the average daily volume for all asset classes was lower in December compared to November. In December, the total reported volume was $11.1 billion which was 14% lower than November’s $12.9 billion. However, it was higher by 17% compared to $9.5 billion recorded in December 2019. Saxo Bank added a record number of new clients in the first half of 2020. It also noted a record high in client assets, growth in the equity trading business, and the number of trades. The operating income of the firm also more than doubled during the period. In the first half of 2019, the firm reported a net loss of DKK 139 million which came up to a net profit of DKK 529 million in the first half of 2020.

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