Trading Volume on Saxo Dips in September, FX Follows Trend

Tuesday, 24/10/2023 | 08:07 GMT by Arnab Shome
  • The FX trading volume on the platform came in at $106.1 billion.
  • Despite the overall drop, the average daily volume improved.
saxo bank

Saxo Bank, with headquarters in Denmark, reported a total trading volume of $438.3 billion in September, a drop from $453.7 billion from the previous month and a month-over-month decline of 3.4 percent. However, the daily average improved to $20.9 billion from $19.7 billion due to the lower number of trading days last month.

Demand for FX Remains Strong

The forex trading volume on the brokerage platform came in at $106.1 billion, a fall of 5.5 percent from the previous month's figures of $112.3 billion. Year-over-year, the amount curtailed by more than 27 percent.

The daily average of the FX trading last month was reported as $5.1 billion, an improvement from $4.9 million in the previous month but a decline from $6.7 billion in the same month of the previous year.

Although FX dominated Saxo's offering once, now, equities become the most significant driver of the overall trading volume. The monthly volume of equities came in at $289.1 billion, lowering 2.2 percent month-over-month but improving 16.6 percent year-over-year.

Saxo's offerings also included commodities and fixed-income instruments. The $36.7 billion monthly volume of commodities declined from the previous month's $37.9 billion. For fixed income, the figures dwindled from $7.8 billion to $6.8 billion.

Trading volume on Saxo Bank in September
Trading volume on Saxo Bank in September

Expanding Overseas Presence

In the overseas market, primarily in the Asia Pacific, Saxo offers a broader range of products, including cryptocurrency contracts for differences (CFDs). However, the Danish group does not publish the demand for those products on a monthly basis. The group is also expanding its reach in the overseas markets with partnerships.

Meanwhile, the operating profit of Saxo skyrocketed to DKK 520 million in the first half of the ongoing year, an enhancement of 34 percent. Although trading and investment activity reduced among its clients, the increased interest income offset the impact.

Saxo Bank, with headquarters in Denmark, reported a total trading volume of $438.3 billion in September, a drop from $453.7 billion from the previous month and a month-over-month decline of 3.4 percent. However, the daily average improved to $20.9 billion from $19.7 billion due to the lower number of trading days last month.

Demand for FX Remains Strong

The forex trading volume on the brokerage platform came in at $106.1 billion, a fall of 5.5 percent from the previous month's figures of $112.3 billion. Year-over-year, the amount curtailed by more than 27 percent.

The daily average of the FX trading last month was reported as $5.1 billion, an improvement from $4.9 million in the previous month but a decline from $6.7 billion in the same month of the previous year.

Although FX dominated Saxo's offering once, now, equities become the most significant driver of the overall trading volume. The monthly volume of equities came in at $289.1 billion, lowering 2.2 percent month-over-month but improving 16.6 percent year-over-year.

Saxo's offerings also included commodities and fixed-income instruments. The $36.7 billion monthly volume of commodities declined from the previous month's $37.9 billion. For fixed income, the figures dwindled from $7.8 billion to $6.8 billion.

Trading volume on Saxo Bank in September
Trading volume on Saxo Bank in September

Expanding Overseas Presence

In the overseas market, primarily in the Asia Pacific, Saxo offers a broader range of products, including cryptocurrency contracts for differences (CFDs). However, the Danish group does not publish the demand for those products on a monthly basis. The group is also expanding its reach in the overseas markets with partnerships.

Meanwhile, the operating profit of Saxo skyrocketed to DKK 520 million in the first half of the ongoing year, an enhancement of 34 percent. Although trading and investment activity reduced among its clients, the increased interest income offset the impact.

About the Author: Arnab Shome
Arnab Shome
  • 6571 Articles
  • 92 Followers
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.

More from the Author

Retail FX