Saxo Bank reports strong September trading at $438.3 billion, driven by equities, despite overall monthly declines.
Saxo Bank reports strong September trading at $438.3 billion, driven by equities, despite overall monthly declines.
Saxo Bank,headquartered in Denmark reported a total trading volume of $438.3 billion in September, marking a 3.4 percent decline from the previous month’s $453.7 billion. Despite this overall drop, the average daily trading volume showed improvement. The daily average volume increased to $20.9 billion from $19.7 billion due to fewer trading days last month.
Forex trading volume on the Saxo Bank platform amounted to $106.1 billion, reflecting a 5.5 percent decrease from the previous month’s figure of $112.3 billion. Comparing year-over-year data, the volume had diminished by over 27 percent. The daily average for FX trading in the same period was reported as $5.1 billion, an improvement from the previous month’s $4.9 billion but a decline from the $6.7 billion recorded in the same month the previous year.
Interestingly, equities have become the primary driver of Saxo Bank’s overall trading volume, overtaking FX, which was previously dominant. Equities trading in September accounted for a monthly volume of $289.1 billion, representing a 2.2 percent decrease compared to the previous month but a significant 16.6 percent year-over-year increase.
Saxo Bank’s offerings also include commodities and fixed-income instruments. The monthly trading volume for commodities decreased from $37.9 billion in the previous month to $36.7 billion. Fixed income trading volume dropped from $7.8 billion to $6.8 billion.
In overseas markets, particularly in the Asia Pacific region, Saxo Bank offers a wide range of products, including cryptocurrency contracts for differences (CFDs). However, the bank does not disclose the demand for these products on a monthly basis. It’s worth noting that Saxo Bank is expanding its presence in overseas markets through strategic partnerships.
Despite reduced trading and investment activity among its clients, Saxo Bank’s operating profit for the first half of the year surged to DKK 520 million, representing a 34 percent increase. This growth isattributed to increased interest income, which offset the impact of reduced client activity.
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