Fri, January 27, 2023

Broker Slowdown List Grows in November | Wibest Broker

Broker: broker looking at graph working and analyzing with display screen.

Saxo Bank posted a month-on-month drop for FOREX, commodities, fixed income, and equities trading volumes. The drop puts the broker in the list of firms slowing down as US-China tensions rise again.

FOREX trading measured lower against the previous month by 23.9% at $107.4 billion against last month at $141.2 billion. The slump represents the lowest FX trading volume since 2016.

Trading volume plummeted to its lowest for 2019 this November. The previous record for the lowest volume is $124.3 billion last April, which is still 13.6% above the current volume.

Commodities also fell month-on-month by 4.7% from $33.7 billion in October to $32.1 billion in November. Fortunately for the firm, year-on-year commodities trading increased by around 34%.

However, fixed-income trading sunk by 27% at $8.4 billion with average daily volume down $100 billion against October’s $500 billion.

Equities fell from $62.8 billion to $44.7 billion in November with a 28.8% drop.

Other Sinking Broker Firms

Major broker firms Cboe, Euronext, and FXSpotStream, fell with Saxo Bank this November.

Cboe reported a weak turnover for November, disclosing a $598 billion total trading volume, 17% lower than October’s $728 billion. The figure was 22% lower than their $766 billion records last 2018.

Institutional FX trading volumes went down 10% month-over-month to $28.5 billion last October from $31.66 billion in September.

ACV numbers from Cboe fell by 18% on a year-on-year basis against $34.86 billion in 2018.

Euronext FX went down 27% from $429 billion to $313 billion in November 2019. The broker’s average trading volume metric also went lower month-on-month by about 20% relative to $18.6 billion in October.

Meanwhile, FXSpotStream’s activity on trading fell to its weakest figures in almost 15 months. The broker reported a $30.95 billion in average daily volume, lower by 7.2% from $33.36 billion in October 2019.

Total trading volumes also dropped for FXSpotStream in November with $650 billion. The figure was at its lowest reading since July 2018 and down almost 85% against October’s $767 billion figure.

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