Trading Volume on Saxo Dips in September, FX Follows Trend

<p dir="ltr">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.</p><p dir="ltr">Demand for FX Remains Strong</p><p dir="ltr">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.</p><p dir="ltr">The <a href="https://www.financemagnates.com/forex/summer-lull-hits-saxo-fx-volume-in-august-comes-flat/">daily average of the FX trading</a> 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.</p><p dir="ltr">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.</p><p dir="ltr"><a href="https://www.financemagnates.com/tag/saxo-bank/">Saxo's </a>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.</p><p dir="ltr">Expanding Overseas Presence</p><p dir="ltr">In the overseas market, primarily in the Asia Pacific, Saxo offers a broader range of products, including <a href="https://www.financemagnates.com/forex/brokers/saxo-enables-trading-with-9-crypto-fx-trading-pair-on-tradingview/">cryptocurrency contracts for differences (CFDs)</a>. 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.</p><p dir="ltr">Meanwhile, the <a href="https://www.financemagnates.com/institutional-forex/saxo-banks-h1-2023-profit-soars-34-despite-low-trading-activity/">operating profit of Saxo</a> 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.</p>

This article was written by Arnab Shome at www.financemagnates.com.