FX Trading Demand on Saxo Bank Rises by 7.8% in November

Saxo Bank, the Denmark-headquartered brokerage, published its trading metrics for November, reporting a surge in forex trading activities. The total monthly FX volume came in at $138 billion, which is 7.8 percent higher than the previous month.

The daily average of forex trading volume for the month came in at $6.3 billion compared to $6.1 billion in the previous month. It was an increase of 3.2 percent month-over-month. Year over year, the total trading demand and the ADV increased by 40 percent each.

Strong Overall Demand

Additionally, the overall volume for the month strengthened to $458.4 billion from October’s $432.2 billion, which is a month-over-month increase of 6 percent. The figure doubled by about 57 percent from November 2021. Moreover, the ADV at $20.8 billion strengthened by a marginal 1 percent month-over-month and over 56 percent year-over-year.

Saxo is a major platform for retail and professional trading services. Besides forex, it offers equities, commodities and fixed-income instruments. On top of that, it provides cryptocurrency trading services in some non-European markets.

In November, the equities trading demand went up to $278.9 billion from $256.5 billion in October 2022 and $156.2 billion in November 2021. The ADV for the month at $12.7 billion witnessed a monthly increase of 4 percent and a yearly growth of about 79 percent.

However, the demand for fixed-income and commodities dropped last month. The total commodities monthly volume came down to $32.1 billion from the previous month’s $36.4 billion. It was the second consecutive month of slowing trading activities with this asset class. The ADV came in at $1.5 billion, which is a decline from October’s $1.7 billion but an increase from $1.4 billion in November 2021. Trading activities with fixed income showed a similar trend as ADV declined by 17.5 percent from the previous month and strengthened by 39 percent from the same month of the previous year.

Meanwhile, Saxo has been making some changes to its top management. Recently, it onboarded Simon Camilleri as the new COO of the UK subsidiary, while Mads Petersen has been named as the Interim CFO of the group.