Saxo Bank November report shows a surge in forex trading, while equities experience a significant decline in volume.
Saxo Bank November report shows a surge in forex trading, while equities experience a significant decline in volume.
Saxo Bank experienced a surge in foreign exchange (forex) trading volume during November, reaching $118.6 billion. This marks a notable 5.4 percent increase compared to the previous month. Despite a year-over-year decline of 14 percent, this figure stands as the highest in the past five months. The daily average forex trading volume for November was reported at $5.4 billion, indicating a 5.9 percent uptick from October and aligning with levels seen in June and July.
Conversely, equities, traditionally accounting for a significant portion of Saxo Bank’s trading volume, witnessed a substantial decline. Monthly trading volume with equities instruments plummeted to $198.4 billion, marking a sharp 33.3 percent decrease from the preceding month and representing the lowest figure since April.
The commodities trading sector also experienced a downturn in November, with a 16.5 percent monthly decline, bringing the total trading volume to $35.4 billion. On the flip side, fixed-income trading showed improvement, registering a 9.2 percent increase to $10.6 billion, albeit contributing the lowest absolute figure among the trading categories.
In an overall assessment, Saxo Bank reported a monthly trading volume of $362.9 billion across forex, equities, commodities, and fixed income. However, this represents a notable 21.4 percent decrease compared to the previous month and a 21.1 percent decline year-over-year. Despite these fluctuations, Saxo Bank remains a globally recognized brokerage, offering services on a broad scale, including cryptocurrency contracts for differences (CFDs) in select markets in the Asia Pacific.
It’s worth noting that Saxo Bank, classified as a “Systemically Important Financial Institution” in Denmark, reported a profitable status with an operating profit of DKK 520 million for the first half of 2023. Although the company attempted to go public in the previous year, this endeavor did not come to fruition.
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