Saxo Bank's May 2024 Trading Volumes Dip 20% MoM, FX Hits Multi-Year Low

Saxo Bank, the Copenhagen-based online trading and investment specialist, has updated its trading data for May 2024, reporting a total monthly trading volume of $388.1 billion, 19.6% lower than $482.7 billion in the prior month and 4.6% lower than $407.0 billion in the year-ago month. Average daily volume (ADV) was $16.9 billion, down 22.8% compared to $21.9 billion in April 2024 and down 4.5% compared to $17.7 billion in May 2023.

More specifically, the trading volume of FX for the period came in at $79.6 billion, a decrease of 19.8% compared to $99.3 billion in the previous month and a decrease of 39.0% compared to $130.5 billion in the same period of last year. FX ADV dropped 22.2% from $4.5 billion to $3.5 billion on a month-on-month basis (MoM), a 38.6% decline compared to $5.7 billion in last year's May.

Equities traded for the month amounted to $241.5 billion, decreasing 20.5% compared to $303.7 billion in this April and increasing 5.8% compared to $228.2 billion in last May. ADV of Equities was 10.5 billion, down 23.9% compared to $13.8 billion in the prior month and up 6.1% compared to $9.9 billion in the prior year month.

Trading volume of commodities totaled $56.8 billion for the month, a decrease of 19.7% compared to $70.7 billion in April 2024 and an increase of 39.6% compared to $40.7 billion in May 2023. ADV of commodities was $2.5 billion, down 21.9% compared to 3.2 billion in the prior month and up 38.9% compared to $1.8 billion in the same period of 2023.

Fixed income trading volume for May 2024 registered $10.3 billion, rising 14.4% from $9.0 billion in April 2024 and jumping 35.5% from $7.6 billion in May 2023. ADV of fixed income rose 33.3% from $0.3 billion to $0.4 billion on a year-on-year basis (YoY), remaining unchanged compared to the prior month.