Saxo Bank Volumes Decline 12% in November but Client Deposits Rise

Saxo Bank has published its November volume numbers. During the month, average daily volumes (ADV) dropped 12.2% compared with October to $15 billion, with a total of $299 billion of trading in November. The broker, though, reported Client’s Collateral Deposits for Trading reaching a record high of $11.37B, compared with $9.97B at the end of October.

According to company representatives, the rise in deposits is partially due to accounting changes, as clients of Saxo Privatbank have been migrated to the greater Saxo Bank unit. Saxo Privatbank is the firm’s private and retail banking unit with branches located around Denmark.

The decline in volumes mimics previous results we have seen from trading venues such as the CME, EBS and Hotspot. Nonetheless, far from being a negative month, November’s results around the Forex industry are well ahead of activity earlier in the year but, overall, below those of September and November’s highs. For Saxo Bank, November’s ADV was the firm’s second highest figure of the year (see chart), as it surpassed the $14.6B figure posted in September.