Saxo Bank recently disclosed its December trading figures, revealing a significant rise in forex trading volumes. The month saw forex trading escalate by 13.6% to $13.8 billion, marking the highest since March. Forex’s average daily volume in December was up at $6.4 billion from $5.4 billion the previous month, indicating a 16.3% year-over-year increase and an 11.1% rise in overall monthly volume.
SAXO’s Upbeat FX Volumes Underpin Its December Volumes
The surge in forex trading slightly elevated Saxo’s total monthly trading volume to $369.5 billion, a 1.8% increase. However, this decreased by 11.1% compared to December of the previous year.
Saxo Bank, headquartered in Denmark, provides various trading services, including equities, commodities, and fixed income. Despite the uptick in forex, trading volumes across these other asset classes saw a downturn.
In December, equity trading at Saxo, typically its most traded asset class, experienced a monthly drop of 2.4% to $192.8 billion and a year-over-year decrease of over 22%. Yet, the latest average daily volume for equities showed a modest increase from $9 billion to $9.2 billion.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
Commodities trading decreased to $31.6 billion from $35.4 billion the previous month, and fixed-income trading fell to $10.3 billion from $10.6 billion.
While Saxo has an extensive global operation and offers cryptocurrency contracts for differences in select Asia-Pacific markets, specific data on these are only sometimes published.
For the first half of 2023, Saxo Bank reported an operating profit of DKK 520 million, a 34% increase from previous figures.
