Saxo Bank, in its December trading metrics, reported a surge in the monthly volume of forex instruments. The bank observed a month-over-month rise of 13.6% in forex trading, amounting to $13.8 billion, the maximum since the previous March.
Saxo Witnesses Surge in FX Demand
Saxo’s FX average daily volume (ADV) for December climbed to $6.4 billion from November’s $5.4 billion. The ADV showed a year-over-year increase of 16.3%, while the overall monthly volume registered an 11.1% rise. Forex demand also nudged Saxo’s total monthly volume to $369.5 billion, a slight increase of 1.8%, down 11.1% compared to December 2022.
Saxo Records Drop in Equities and Other Assets
Denmark-based Saxo, a provider of trading services in equities, commodities, and fixed-income instruments, noted a decrease in trading volumes of these asset classes in December 2023 despite a rise in forex.
Equities, Saxo’s most traded asset class, posted a monthly volume of $192.8 billion in December, a monthly reduction of 2.4%. Year-over-year, equities demand plummeted by over 22%, although the latest ADV for equities, $9.2 billion, improved from November’s $9 billion.
The December monthly volume for commodity instruments on Saxo fell to $31.6 billion, a decrease from November’s $35.4 billion. Fixed income, Saxo’s least demanded instrument, registered a dip in monthly volume to $10.3 billion from $10.6 billion.
With a worldwide footprint, Saxo offers cryptocurrency contracts for differences in some Asia-Pacific regions, although it does not frequently disclose these figures. In the first half of 2023, the group reported an operating profit of DKK 520 million, marking a 34% boost.
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