Indicative of industry-wide decreasing FX spreads.
Leading FX brokerage firm Saxo Bank (a member of LeapRate's Approved List) announced today its results for 2011. Saxo Bank clearly bucked the trend of decreasing FX volumes seen at other Forex firms, reporting that FX volumes rose to $275 billion per month (in 2H-2011), up from $222 billion in the first half of the year (green bars below). And although FX volumes were up nicely, revenues from FX activities fell from $238 million in 1H to $211 million in 2H-2011 (blue bars).
Other interesting notes from Saxo's new annual report include:
▪ CFD volumes $45 billion / month
▪ pips-per-trade fall to 2.55, a multi-year low
▪ Saxo Bank getting ready to launch MT4