Foreign exchange volume on Saxo Bank took a hit again in May, as the monthly volume dropped to $79.6 billion. The figure is the lowest since the platform started publishing its trading metrics in 2016.

FX Volume Is at the Bottom

May’s forex trading volume on Saxo dropped by more than 19.8 percent from the previous month. This is even lower than the previous low in March, when the volume tanked to $85.1 billion. Although demand recovered in April, the drop last month confirmed that it was not sustainable.

The daily average of forex instruments also dropped to $3.5 billion, compared to $4.5 billion in April and $5.7 billion in May 2023. The latest monthly volume also dropped by 39 percent year over year.

Along with forex, the demand for equities instruments also dropped on Saxo last month. The total monthly volume for equities touched $241.5 billion, dropping from the $303.7 billion peak of the previous month. Year-over-year, demand for equities jumped by 57 percent.

Commodities instruments offered by Saxo also followed the broader trend, with a monthly volume dropping to $56.8 billion in May from $70.7 billion the previous month. A year earlier, the monthly commodities volume was $40.7 billion.

However, only the monthly demand for fixed-income instruments managed to grow last month, as it jumped to $10.3 billion, compared to the previous month’s $9 billion. Saxo also offers cryptocurrency contracts for differences in some Asia-Pacific markets but does not publish volumes for those instruments regularly.

Other Metrics at Record High

Meanwhile, clients’ assets held by Saxo recently touched DKK 800 billion (about $116.1 billion), a record for the Danish broker. The figure was achieved with the deposits of more than 1.2 million clients globally.

The broker is making some further changes in its top management. It recently named Andrew Bresler the UK CEO and Casper Solbakken the Global Head of Commercial Offering and Experience. It also promoted Stig Christensen to the role of Chief Commercial Officer after merging its global sales and SXO units.