Saxo Bank, the Denmark-headquartered online trading and investment firm, has launched a new transparency initiative publicising client deposits, daily average and monthly trading volumes.

According to the firm, Saxo is the first non-public bank or brokerage to publish these types of figures, which will be available on the firm’s website on the 5th of every month.

The firm said that increased transparency is important within the financial services industry, due to the “issues that the industry has faced in the past”.

“By undertaking such initiatives we continue to gain legitimacy and improve our reputation in the market,” added Didier Abbato, global product manager at Saxo Bank.

The first figures published show clients’ collateral deposits for trading at $6.83 billion for July 2013, a rise of 10 per cent since the beginning of the year when it was at $6.21 billion. Conversely, trading volumes have decreased from a daily average of $16.2 billion over the first half of 2013 to $11.9 billion in July 2013.

Saxo Bank has previously publicised other key figures, such as OTC options data and a Forex Open Orders module, which provides users with a snapshot of the firm’s clients’ aggregated FX open orders on 10 major currency pairs.

In related news, Saxo Bank announced last week that the firm will be opening an office in Brazil in the autumn of 2013, after an increase in total assets under management provided for strong results in the first half of 2013, with DKK27.9 billion ($4.94 billion) in assets under management by 30 June 2013.