Saxo Bank has started off the year with a bang, reporting a 29% rise in average daily turnover which rose in January 2014 to $13.8 billion, recovering from $10.7 bln per day in December 2013, according to the latest data published today on its Saxo World investor transparency website.
Total monthly volumes came in at $304 billion for January, also up 29% from the December total of $235 billion.
The Copenhagen-based bank, involved in multiple asset classes in its online brokerage offerings concluded 2013 with volumes tapering in the latter part of the year, and today's figures show that a reversal of that downtrend may be underway with the recovery accounting for an increase of almost a third of December's volumes.
Deposits rose by $90 million over the prior month to reach $8.11 billion, an increase of 1.1%, a trend that has not changed as the broker had this line item continually rise up for a number of consecutive months, including twelve of the last thirteen reported periods, even when volumes had fallen during some of those periods. Year over year (YoY) clients collateral deposits for trading rose 30.5% from $6.21 bln in January 2012, up to the $8.11 billion mentioned above.
The broker made a series of key changes, including recent management appointments, and the launching of a new social Trading Platform , as covered closely by Forex Magnates' reporters.
