Saxo Bank has published the trading metrics on its platforms for January, reporting a decline in total monthly trading volume. The overall trading volume came in at $375.6 billion, which is a dip of 9.6 percent from the previous month. The figure decreased by about 14.3 percent when compared year-over-year.
Saxo Bank's January FX Volume Dips
In January, Saxo's monthly volume for forex instruments declined by 5 percent from the previous month to $115.2 billion. However, the latest reported FX volumes strengthened by over 6 percent compared with the first month of the previous year.
The daily average with FX instruments on the platform came in at $5.2 billion in January, which is down from $5.5 million in December.
On top of that, the demand for equities instruments showed a similar trend, with a total monthly volume of $219.7 billion, which is a month-over-month decline of over 14 percent. Moreover, the figure declined annually by about 25 percent, while the daily average volume came in at $10 billion.
In addition, Saxo offers commodities and fixed-income instruments, and the monthly volume of the two asset classes came in at $32.8 billion and $7.9 billion, respectively. While commodities demand dropped marginally from the previous month's $30.8 billion, demand for fixed-income instruments remained flat.
A Failed Public-Listing Attempt
Saxo Bank is headquartered in Denmark and was originally founded as a brokerage firm in 1992. The company mulled the idea of becoming public last year and inked a deal with a blank-check company. However, that deal was mutually terminated with the "timing" in question.
The company is still keeping the possibilities for a public offering open. The CEO, Kim Fournais, said in an interview that the company did not scrape its public-listing ambition yet and could launch an initial public offering (IPO) as early as this year.
Meanwhile, the Saxo group's revenue for the first half of 2022 declined by 12 percent to DKK 2.14 billion. Its net profit for the year-half tanked at more than 41 percent to DKK 302 million due to "difficult market conditions."
