The demand for forex instruments on Saxo Bank’s platform has dropped significantly, as the monthly volume for March came in at $85.1 billion. The figure has been the lowest since 2016 when the Danish company started publishing its volume metrics.

FX Demand Hits the Lowest

The latest FX monthly figures dropped 7.9 percent from the volume in February, while the year-over-year decline was a significant 45.3 percent. The demand for FX on Saxo has been in decline around the first three months of 2024, as the monthly volume for January came in at $106.7 billion and February at $92.4 billion.

The latest decline in the FX monthly volume pushed the daily average to $4.1 billion compared to the previous two months’ $4.9 billion and $4.4 billion, respectively.

Equities Demand Defies FX

While the demand for forex slowed down, equities picked up last month. According to the official numbers, the monthly volume of equities instruments were reported as $239.2 billion, an increase of 10 percent from the previous month. However, equities volume remained weak year-over-year by about 8 percent.

The latest monthly equities volume was the highest since last October when the figure was at $297.5 billion.

Headquartered in Denmark, Saxo Bank was founded as a brokerage in 1992, and it was rebranded to its current name in 2001 after obtaining a banking license. Apart from forex and equities, the company offers trading services with commodities and fixed-income instruments.

When it comes to commodities, the monthly volume for March jumped to $44.1 billion from the previous month’s $39 billion. Fixed income, however, declined to $9.3 billion from $9.5 billion. Additionally, Saxo offers cryptocurrency CFDs in certain Asia-Pacific markets; however, it does not disclose the metrics of those instruments.

As Finance Magnates reported, the company ended 2023 with a revenue of DKK 4.48 billion, with a decline of 8.1 percent in net profits. Meanwhile, S&P Global Ratings recently upgraded the company’s credit ratings to ‘A-’ from ‘BBB’.