The Danish brokerage firm, Saxo Bank, published its September trading metrics showing a decline in monthly demand for foreign exchange (forex) trading and other instruments.
The platform handled $127.9 billion in forex trading volume last month compared to $146.7 billion in the previous month when the market corrected sharply after a summer lull. FX trading on Saxo declined by over 13 percent month-over-month. However, the figure jumped by more than 13.1 percent on a yearly basis.
The average daily volume (ADV) of the FX instruments on Saxo for October came in at $6.1 billion. The figure weakened by 6.9 percent from the previous month and strengthened by 19.6 percent from the same month of the previous year.
Equities Demand Is Picking Up
Apart from forex , Saxo offers trading services with equities, commodities and fixed income.
The overall monthly trading volume for October on the platform came in at $432.2 billion, which is a marginal 2 percent above the levels of the previous month. Year-over-year, the trading demand dragged upward by almost 33 percent.
When FX demand plummeted on Saxo from the previous month, equities trading picked up traction. The total monthly volume with equities instruments came in at $256.5 billion compared to $247.8 billion which was handled last month. There was a surge in yearly demand in this division of 48 percent.
Additionally, fixed income, which brings the lowest share in the total trading volume, witnessed a jump in demand to $11.4 billion from the previous month’s $10.5 billion. On the other hand, commodities trading demand declined from $39.5 billion to $36.4 billion.
Meanwhile, Saxo Bank is now considering going public through a merger with a blank check company. Though the decision has not been sealed yet, earlier the company confirmed it would not issue any primary shares.
Furthermore, the broker has encountered a top executive exiting recently. Mette Pedersen left last month as the Group CFO, leaving Mads Dorf Petersen in the interim role.
