Denmark-based Saxo Bank registered a total trading volume of $438.3 billion in September, a 3.4 percent fall from August’s $453.7 billion. The dip was offset by a higher daily average of $20.9 billion due to fewer trading days in September than $19.7 billion in August.
The foreign exchange trading volume on Saxo’s platform stood at $106.1 billion in September, down 5.5 percent from $112.3 billion in August and down more than 27 percent year on year. The daily average FX trading in September spiked to $5.1 billion, a slight increase from $4.9 million in August, though it marked a decline from $6.7 billion in the same month last year.
Although foreign exchange was traditionally Saxo’s main product, equities have now taken the lead in overall trading volume. The equity volume for September was $289.1 billion, a 2.2 percent drop monthly but a 16.6 percent increase yearly.
Saxo’s portfolio also includes commodities and fixed-income instruments. Commodities saw a slight decrease in September, with the volume falling from $37.9 billion to $36.7 billion. Fixed income dropped from $7.8 billion to $6.8 billion.
Boosting Its Global Influence
With a significant presence in Asia, Saxo offers an extensive range of products, including cryptocurrency contracts for differences (CFDs). However, the Danish firm does not disclose the monthly demand for these products. The firm is also growing its global footprint through strategic partnerships.
On the earnings front, Saxo’s operating profit for the first half of the current year surged to DKK 520 million, a 34% increase. Despite a reduction in trading and investment activity among clients, the growing interest income counterbalanced the effect.