Saxo Bank's January 2024 Forex Volume Dips to 5-Month Low

<p>Saxo Bank's
first volume report in 2024 showed an increase in total client activity to the
highest levels since October, resulting in $375.5 billion. Almost one-third of
this value was volumes realized in the forex (FX) market, which declined
compared to the values of the last three months of 2023.</p><p>FX Volumes at Saxo in
January the Lowest since September</p><p>According
to Saxo Bank's latest report, FX trading volumes in January were at $106.7
billion, significantly down from the <a href="https://www.financemagnates.com/forex/fx-volume-on-saxo-pushes-decembers-overall-figure-higher/" target="_blank" rel="follow">$134.8 billion reported in December</a>.
Moreover, this was the worst result since September, when the volume was
slightly less at $106.1 billion. </p><p>This
automatically translated into a lower average daily volume (ADV) for the FX
market, which in January was $4.9 billion, sliding from $6.4 billion compared
to December. Moreover, in the case of ADV, this was not the worst result in
four months but five months. </p><p>The total
ADV for all reported asset classes was $17.1 billion, slightly less than the
$17.6 billion Saxo Bank reported in December. In addition to FX products, Saxo provides volume data for commodities, <a href="https://www.financemagnates.com/terms/e/equities/">equities</a>, and fixed-income products.</p><p>The mixed
nature of Saxo Bank's spot FX volumes in January 2024 aligns with the <a href="https://www.financemagnates.com/institutional-forex/institutional-spot-fx-volumes-for-january-2024-tell-a-tale-of-two-continents/" target="_blank" rel="follow">results
of other major centers</a>, which reported their results at the beginning of
the new month.</p><p>Equities Volumes
Significantly Up</p><p>Among all
asset classes, equities had the largest share in total volume. Equity trading
in January 2024 was at $219.78 billion, significantly up from the $192.8
billion reported the month before. This was also the highest value since
October 2023 when equity trading reached record values of $297.5 billion. </p><p>This
automatically translated into a higher ADV for this asset class at $10 billion,
$800 million higher than the $9.2 billion in December. </p><p>As for the
current financial results of the Saxo Bank group, the most recent report comes
from the first half of 2023, indicating that the institution achieved a net
profit of DKK 282 million.</p><p>Saxo's 2024 Updates</p><p>At the
outset of the year, Saxo Bank was notably active, announcing changes in its
personnel and product offerings. The bank has recently <a href="https://www.financemagnates.com/executives/moves/saxo-bank-strengthens-leadership-names-new-chief-risk-and-compliance-officer/" target="_blank" rel="follow">elevated John Carmichael</a>
to the position of Chief Risk and Compliance Officer. </p><p>In a move
to enhance its global online trading and <a href="https://www.financemagnates.com/terms/e/execution/">execution</a> services, Saxo Bank has
entered into <a href="https://www.financemagnates.com/forex/saxo-partners-with-fairxchange-for-liquidity-management-with-data-analytics/" target="_blank" rel="follow">a partnership with FairXchange</a>. This collaboration sees Saxo Bank
incorporating FairXchange's Horizon, a liquidity management platform, into its
operations. </p><p>Moreover,
Saxo has taken steps to make trading more accessible and affordable for
investors <a href="https://www.financemagnates.com/forex/saxo-reveals-fee-cuts-to-foster-accessibility-in-us-and-australian-markets/" target="_blank" rel="follow">in the US and Australian markets</a> by announcing reductions in
brokerage fees. This decision is geared towards providing Australian investors
with transparent, all-inclusive pricing, thus facilitating a more
cost-effective trading environment. </p>

This article was written by Damian Chmiel at www.financemagnates.com.