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Saxo Bank Reports Trading Volumes Rose 51 Percent

By:
FX Empire Editorial Board

Saxo Bank reported that trading volumes in September rose at least 51 percent from the prior month to $321 billion, the most since May 2013. The volumes

Saxo Bank Reports Trading Volumes Rose 51 Percent

Saxo Bank reported that trading volumes in September rose at least 51 percent from the prior month to $321 billion, the most since May 2013.

The volumes were also up 46 percent from September 2013 rising FX volatility due to the Scotland’s referendum vote, the slowing Japanese economy as well as the decision by the European Central Bank to drop its monetary easing plans. The average daily volumes also rose at least 44 percent to $14.6 billion.

Meanwhile, the Moscow Exchange (MOEX) published its trading metrics for September, which revealed that Russian dealers were gravitating towards the CNY/RUB currency pair. While MOEX’s management attributes the trend to innovation, there is a greater probability that it might be due to the West’s sanctions on Russia that have forced major Russian companies to look to China for business.

The total CNY/RUB trading metrics rose 60 percent from the previous month to CNY 7 billion (RUB 43.3 billion), a new record for MOEX on a monthly basis. The average daily trading volume for the month of September 2014 also rose to a record CNY 331.3 million.

230 members have transacted in yuan in 2014, reported MOEX. The yuan’s trading volume stood at CNY 834 million (RUB (5.3 million) as of Sept. 29, a new intraday record ever since MOEX started offering the currency pair for trading.

The company’s Money Market was also not left behind in posting the good results. The CCP repo volume for September stood at RUB 172.4 billion on Sept. 30, the most since the instrument started being offered for sale in February 2013. The monthly CCP repo trading volume surged 28 percent from the previous month to RUB 2.8 trillion a new record.

The average trading volume for the CCP repo touched RUB 128.4 billion, a new record, as over 245 members executed CCP repo trades.

 

About the Author

FX Empire editorial team consists of professional analysts with a combined experience of over 45 years in the financial markets, spanning various fields including the equity, forex, commodities, futures and cryptocurrencies markets.

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