Saxo Bank Blasts Record for One-Day Turnover in Foreign Exchange

Record Single-Day Volume At Saxo Bank is Attributed to Massive Rebound in FX Market Volatility, Increasing Popularity of Foreign Exchange Trading


GENTOFTE, Denmark, Dec. 8, 2006 (PRIME NEWSWIRE) -- For the first time in its history, Danish-based online investment bank Saxo Bank has surpassed the US$25 billion mark in one-day volume in currency trading.

Executives at the bank announced that FX turnover broke through the US$25 billion mark on Friday December 1.

A massive resurgence in global currency market volatility, specifically in the U.S. dollar currency pairs, that followed months of lateral activity has been credited in part for the surge in volume.

"Naturally, this is a huge milestone in our history as an online investment bank. Posting volume of this level in a single day speaks not just to the return of market volatility, but to the increasing popularity of foreign exchange as a geared investment in the retail segment," Saxo Bank co-CEO Lars Seier Christensen said in a statement.

The record single-day volume comes at the end of a year in which Saxo Bank was named Best Bank for FX Traders in FX Week magazine's Best Banks poll, and its signature trading technology was named Best Retail Platform at the magazine's e-FX awards in New York.

Saxo Bank offers foreign exchange trading online via its platform, SaxoTrader, which is used by direct private and institutional investors, and re-branded by some 75 "white label" institutional partners around the world.