Saxo Posts over 8% MoM Uptick in FX Volume, Equities Leaped

The demand for the Saxo Bank Group’s offerings is slowly recovering as the company reported a healthy uptick in the trading volumes for September across some key segments, including foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term).

In its latest monthly metrics, the Danish investment bank reported a total Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term volume of $133.6 billion from the previous month’s $123.4 billion. This translates to month-on-month growth of 8.2 percent.

Saxo’s forex volumes hit a record in March with $248.6 billion, but that windfall faded the next month with a significant dip. The demand took a further hit in July and August. Despite the upward rebound last month, the FX volume is still only above the numbers posted in January and August this year.

The daily FX average increased to $6.1 billion last month from the previous month’s $5.9 billion.

Comparing year-on-year, last month’s figure also jumped by 12.6 percent as, in September 2019, the platform handled $118.6 billion in FX volume.

Commodities Demand Slumped Significantly

Despite the growth in FX, the equities products of the brokerage contributed the most to the total monthly volume as the segment saw a month-on-month uptick of 48.2 percent to $124.1 billion. This is only behind the reported volumes in March and June.

However, the volumes of commodities and fixed income went down. Commodities demand went down to $40.4 billion from the previous month's $66.5 billion.

With all this, the total trading volumes for the month of September stood at $303.8 billion compared to $279.4 billion, a month-on-month rise of 8.7 percent.

Meanwhile, the Japanese business of Saxo is facing controversies as it recently confirmed that 750 clients' data were leaked after a hit by hackers in July.