FX Trading on Saxo Gains Momentum in November

<p>Saxo Bank, a broker headquartered in Denmark, witnessed an uptick in the foreign exchange trading volume in November, with the monthly figure at $118.6 billion. It was 5.4 percent higher than the reported figure of the previous month.
</p><p>Year-over-year, forex trading volume on Saxo declined 14 percent last month. However, the latest figure remains the highest in the previous five months. The daily average forex trading volume for the month came in at $5.4 billion, the same level as June and July, but an uptick of about 5.9 percent from October.
</p><p>Mixed Trading Demand
</p><p>While the demand for forex trading increased month-over-month, equities, which brought in the highest level of trading volume, declined last month. <a href="https://www.financemagnates.com/forex/forex-volumes-for-saxo-bank-highest-since-may-2023/">Monthly trading volume with equities instruments</a> came in at $198.4 billion, a decline of 33.3 percent from the previous month. The latest equities trading figure was the lowest since last April.
</p><p>Further, in November, the commodities trading volume on Saxo declined 16.5 percent on a monthly basis to $35.4 billion. Meanwhile, demand for fixed-income trading, which contributes the lowest absolute figure, improved 9.2 percent to $10.6 billion.
</p><p>The overall monthly trading volume on Saxo from <a href="https://www.financemagnates.com/terms/f/forex/">forex</a>, <a href="https://www.financemagnates.com/terms/e/equities/">equities</a>, commodities, and fixed income was reported as $362.9 billion in November. It dropped 21.4 percent and 21.1 percent, month-over-month and year-over-year, respectively. The daily trading volume average in November was $16.5 billion, an increase from $21 billion in the previous month.
</p><p>Crypto Trading Figures Remain Unknown
</p><p><a href="https://www.financemagnates.com/tag/saxo-bank/">Saxo</a> offers trading services globally. In some markets in the Asia Pacific, it provides <a href="https://www.financemagnates.com/forex/brokers/saxo-launches-crypto-derivatives-trading-against-major-currencies/">cryptocurrency contracts for differences</a> (CFDs). However, those crypto trading numbers are not reported regularly.
</p><p>The Danish giant, a “<a href="https://www.financemagnates.com/forex/saxo-becomes-a-systematically-important-danish-bank/">Systemically Important Financial Institution</a>” in its home country, is profitable and reported an <a href="https://www.financemagnates.com/institutional-forex/saxo-banks-h1-2023-profit-soars-34-despite-low-trading-activity/">operating profit of DKK 520 million</a> for the first half of 2023. It further attempted to go public last year but this did not materialize.</p>

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