Tue, February 07, 2023

Saxo Bank Reports a 12.2% Drop in FX Volumes in November.

Saxo

Saxo Bank’s November trading metrics reveal a decline in demand across all asset classes. Trading volume fell 10% month-over-month, to $292.2 billion, with an average daily trading volume of $13.3 million.

The financial trading platform provider reported a decline in monthly demand for all asset classes, including foreign exchange (forex) and equities.

Saxo Bank’s November forex trading volume totaled $99.2 billion, a 12.2% decline from October’s volume of $113 billion. The average daily volume was $4.5 billion. Saxo Bank offers currency pairs to trade.

Red Across Asset Classes

Meanwhile, the combined monthly trading volume in equities fell to $173.4 billion in October and $156.2 billion in November, dropping almost 10%. However, equity trading demand remained higher than most months in 2021 and was only behind March.

Furthermore, the demand for commodities and fixed income decreased to $30.1 billion and $6.8 billion, respectively. While commodities sales dropped by 6.8%, fixed-income purchases fell by 11.7%.

Saxo Bank, meanwhile, is offering crypto derivatives instruments to retail traders in Singapore and Australia through its subsidiary Saxo Markets. However, the UK and Europe are not included because of regulatory barriers to high-risk crypto derivatives trading.

The company’s first product, a cryptocurrency trading platform called EverBank Marketplace, has been top-rated since launching in May. Thanks to the product’s success, the broker earned $2.5 billion in turnover from crypto products between May and October.

Meanwhile, the Danish broker joined forces with HSBC’s Singapore branch to provide stock trading infrastructure for retail bank customers.

YOU MAY ALSO LIKE

Dollar

The dollar eased on Tuesday but still hovered near a one-month peak

The Eu’s Oil Embargo Risks Escalating Already High Inflation

Oil prices increased for a second session on Tuesday, boosted by hopes

Aerwins Technologies and Pono Capital made a deal

A tie-up with a blank check valued the firm at more than

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

OANDA Exits Malta to Consolidate European Business

After years in the retail trading industry, OANDA intends to close all Malta operations on March 17th, 2023. Oanda plans to operate its European business solely under one regulated entity in Poland. On

BROKER NEWS

Broker News

OANDA Exits Malta to Consolidate European Business

After years in the retail trading industry, OANDA intends to close all Malta operations on March 17th, 2023. Oanda plans to operate its European business solely under one regulated entity in Poland. On Monday,