Saxo Bank published its trading metrics for November and reported a surge in forex trading activities. Saxo Bank reported a monthly trading volume of $138 billion, which was 7.8% higher than the previous month. Saxo Bank is a brokerage headquartered in Denmark.
Forex trading daily average monthly volume was $6.3 billion compared to $6.1 billion reported the previous month. It was a 3.2% MoM increase, while the YoY trading demand and ADV increased by 40% each.
Strong Overall Demand
Saxo bank also reported an increase in overall monthly volume to $458.4 billion from $432.2 billion in October, an MoM increase of 6%. The figure also doubled by 57% from November 2021.
The ADV improved marginally by 1% MoM to $20.8 billion and over 56% YoY.
Saxo is a major platform for professional and retail trading services. Apart from forex, it also offers commodities, equities, and fixed-income instruments. It also provides trading services in cryptocurrency in some non-European markets.
In November, demand for equities surged from 256.5 billion to $278.9 billion YoY. The ADV increased by 4% MoM to $12.7 billion and 79% YoY.
However, last month, the demand for commodities and fixed-income dropped. The monthly volume for commodities dropped to $32.1 billion from $36.4 billion last month. It was the second month of trading activities slowing down with this asset class consecutively.
Saxo Bank reported $1.5 billion in ADV, which had declined from $1.7 billion in October, but increased from $1.5 billion in November 2021. Fixed-income trading activities showed a similar trend decline of 17.5% from the previous month and strengthened by 39% from the same month in 2021.
Meanwhile, Saxo Bank made some changes in its top management. It recently onboarded Simon Camilleri as the UK Subsediary’s CEO and Mads Peterson as the group’s interim CFO.
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