Saxo Bank Reports a 20% Decline in Trading Volumes and Multi-Year Low FX Volume for May 2024

Saxo Bank has posted its trading data update for May 2024, reporting a total monthly trading volume of $388.1 billion, down 19.6% month-over-month (MoM) from $482.7 billion in the previous month and down 4.6% year-on-year (YoY) from $407.0 billion in the same month last year. Average daily volume (ADV) was $16.9 billion, down 22.8% from April 2024's $21.9 billion and down 4.5% from May 2023's $17.7 billion.

Specifically, FX trading volume in May was $79.6 billion, down 19.8% from $99.3 billion in the previous month and down 39.0% from $130.5 billion in the same month last year. FX ADV declined 22.2% MoM, from $4.5 billion to $3.5 billion, and was down 38.6% from $5.7 billion in May last year.

During the month, equities trading volume amounted to $241.5 billion, down 20.5% from $303.7 billion in April and up 5.8% from $228.2 billion last May. ADV of Equities was $10.5 billion, down 23.9% from $13.8 billion in the previous month and up 6.1% from $9.9 billion in the same month last year.

Commodities trading volume for the month was $56.8 billion, down 19.7% from $70.7 billion in April 2024 and up 39.6% from $40.7 billion in May 2023. ADV for commodities was $2.5 billion, down 21.9% from $3.2 billion in the previous month and up 38.9% from $1.8 billion in the same month in 2023.

Fixed income trading volume in May 2024 was $10.3 billion, up 14.4% from $9.0 billion in April 2024 and up 35.5% from $7.6 billion in May 2023. ADV for fixed income increased 33.3% YoY to $400 million from $300 million, unchanged from the previous month.