The Denmark-based brokerage firm Saxo Bank, recorded a rise in its foreign exchange trading volume in November, hitting $118.6 billion. This indicated a 5.4% surge when compared to October’s figures. Despite a 14% year-over-year drop in forex trading volume last month, the number was the highest in the preceding five months. The daily average forex trading volume for November was around $5.4 billion, about 5.9% higher than October, matching the levels of June and July.
Inconsistent Trading Demands
As the appetite for forex trading saw a month-to-month rise, the trading volume for equities, Saxo’s highest trading volume contributor, decreased. The monthly trading volume for equities was $198.4 billion, down 33.3% from October, marking the lowest level since April of the previous year.
In the same month, Saxo’s commodities trading volume dipped by 16.5% to $35.4 billion. Simultaneously, the demand for fixed-income trading, which usually contributes the least, rose by 9.2% to $10.6 billion.
In November, Saxo Bank’s total monthly trading volume from forex, equities, commodities, and fixed income was $362.9 billion. This represented a 21.4% and 21.1% decrease, month-to-month and year-to-year, respectively. The daily trading volume average in November was $16.5 billion, a step up from $21 billion the prior month.
Saxo’s Cryptocurrency Trading Numbers Unreported
Globally, Saxo provides trading services, and in specific Asia Pacific markets, it offers cryptocurrency Contracts for Differences (CFDs). However, these crypto trading figures should be regularly disclosed.
Being a Vital Financial Institution in Denmark, Saxo Bank has shown profitability, with an operating profit of DKK 520 million recorded for the first half of 2023. Although it tried to enter the public market last year, the attempt failed.
