Denmark based multi-asset brokerage house, SAXO Bank has netted record trading volumes in the month of February at $612.1 billion across diverse asset class. The two consecutive record-setting volume numbers in January and February have boosted the company’s operating metrics which witnessed slowing trading activity and revenues in the second half of 2017. The February numbers are boosted by the massive spike in volatility mainly due to rising bond yields and inflationary worries. The numbers are also one of the best for retail Fx broker outside of Japan.
The February trading volumes are 19 percent higher month-over-month from $495.8 and 93 percent higher year-over-year. The trading volumes include the forex, equity, fixed income and commodities volumes. The forex volume for the group was reported at $433.2 billion or 71 percent of the total volume and is 18.2 percent higher compared to January 2018 and 83.6 percent higher when compared to February 2017.
For equities, the group recorded a sharp 54 percent increase month-over-month to $125 billion, and almost three times that of February 2017. The Fixed Income products trading volumes were almost up by 82 percent to $25 billion compared to January metrics and over 100 percent compared to February 2017 figures. The commodities recorded a slower volume pickup at $29 billion, down by 16 percent from January.
One of the facts is the record February operational metrics have been achieved in a short trading month with just 20 trading days against a typical 22 or 23 day trading month. The year 2018 has been very strong for the brokerage houses across the globe as not abating anytime soon, as US President Donald Trump has announced a prospective trade war with tariffs on steel and aluminium which will add fuel to the volatility.
FreemarketFX Joins SAXO Banking Circle
Freemarket, the disruptive Fx and payment platforms for SMEs has joined Saxo Payments Banking Circle to enhance its offering for its International clients who sell through online Marketplaces like Amazon. It will allow Freemarket to provide its clients with local International Bank Account Number (IBAN) accounts which will enable them to receive international payments quickly and at a lower cost.
James Allum, Chief Commercial Officer, Freemarket said: “To us, a big part of providing a better customer experience is the ability to offer cross border payments without the high cost and slow transfer times traditionally associated with international payments. Our partnership with Saxo Payments Banking Circle allows us to extend our industry-leading 0.2% rate to those trading on online Marketplaces.”
Anders la Cour, co-founder and CEO of Saxo Payments Banking Circle added: “Banking Circle Marketplaces provides a solution to help those trading on online Marketplaces to transact across borders without the need for multiple banking relationships. Through FinTechs like Freemarket, sellers using Marketplaces can now trade internationally without the traditional cost and time implications.”
This partnership will allow FreemarketFX to challenge the status quo in international payment remittance by creating a unique matching process to offer more transparency over rates and fees and also allow sellers to simplify and manage their international marketplace revenue and maximize the earning prospects.
