Saxo Bank has published its FX trading metrics for December 2022, reporting a monthly decline in demand across all asset classes. The overall monthly trading volume on Saxo’s platform came in at $415.7 billion last month, which is a month-over-month drop of 9.3 percent.
FX Demand on Saxo Bank
Additionally, the demand for retail forex trading decreased, with a total monthly volume of $121.3 billion compared to $138 billion in November. It was a month-over-month decline of 12.1 percent. The average daily trading volume with FX instruments also dropped 8 percent to $5.5 billion.
The monthly dip was expected due to the impact of the end-year holidays on the industry. It is a cyclical decline in demand that happens every year at the year-end and in the summer months.
However, the latest figures strengthened significantly when compared with year-old numbers. The monthly forex trading demand increased by 26.7 percent compared to the previous year’s $95.7 billion.
Check out the recent London Summit interview with Saxo Bank's UK CEO, Charlie White Thomson.
Monthly Dip in Demand on Saxo Bank Offerings
Demand for equities instruments showed similar trends last month. Saxo ended December with a total equities monthly volume of $255.7 billion. The figure was at $278 billion in the previous month and $233 billion in December 2021. The daily average with equities instruments came in at $11.6 billion in December 2022, declining from November’s $12.7 billion but strengthening from $10.1 billion in December 2021.
On top of that, Saxo offers commodities and fixed-income instruments to traders. Demand for both these instruments declined on a month-over-month basis. In December, the monthly volume of commodities came in at $30.4 billion, which is down from $32.1 billion in the previous month. Fixed income monthly volume also dipped to $7.9 billion from $9.4 billion.
Last month, Saxo terminated its deal with a blank-check firm, thus ending its ambitions to become a public company. Meanwhile, the Danish broker recently named Mads Dorf Petersen as the Group CFO. He has already held the role in an interim capacity since October.
