Saxo Bank Sees 13% MoM Decline in October’s FX Volume

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Saxo Bank Sees 13% MoM Decline in October's FX Volume

<p>The Danish brokerage firm, <a href="https://www.financemagnates.com/tag/saxo-bank/" target="_blank">Saxo Bank</a>, published its September trading metrics showing a decline in monthly demand for foreign exchange (forex) trading and other instruments.</p><p>The platform handled $127.9 billion in <a href="https://www.financemagnates.com/terms/f/forex-trading/" target="_blank" id="258a569f-bf49-4a61-a1b4-bc352d76141f_2" class="terms__main-term">forex trading</a> volume last month compared to $146.7 billion in the <a href="https://www.financemagnates.com/forex/forex-and-equities-push-saxos-bank-volume-43-higher-in-september/" target="_blank">previous month</a> when the market corrected sharply after a summer lull. FX trading on Saxo declined by over 13 percent month-over-month. However, the figure jumped by more than 13.1 percent on a yearly basis.</p><p>The average daily volume (ADV) of the FX instruments on Saxo for October came in at $6.1 billion. The figure weakened by 6.9 percent from the previous month and strengthened by 19.6 percent from the same month of the previous year.</p><p>Equities Demand Is Picking Up</p><p>Apart from <a href="https://www.financemagnates.com/terms/f/forex/" target="_blank" id="6faa6714-7f7b-4d23-b1c5-c0d40807d613_3" class="terms__secondary-term">forex</a>, Saxo offers trading services with equities, commodities and fixed income.</p><p>The overall monthly trading volume for October on the platform came in at $432.2 billion, which is a marginal 2 percent above the levels of the previous month. Year-over-year, the trading demand dragged upward by almost 33 percent.</p><p>When FX demand plummeted on Saxo from the previous month, equities trading picked up traction. The total monthly volume with equities instruments came in at $256.5 billion compared to $247.8 billion which was handled last month. There was a surge in yearly demand in this division of 48 percent.</p><p>Additionally, fixed income, which brings the lowest share in the total trading volume, witnessed a jump in demand to $11.4 billion from the previous month's $10.5 billion. On the other hand, commodities trading demand declined from $39.5 billion to $36.4 billion.</p><p>Meanwhile, Saxo Bank is now considering <a href="https://www.financemagnates.com/forex/brokers/saxo-bank-explores-amsterdam-listing-with-spac-deal/" target="_blank">going public</a> through a merger with a blank check company. Though the decision has not been sealed yet, earlier the company  confirmed it would not issue any primary shares.</p><p>Furthermore, the broker has encountered a top executive exiting recently. <a href="https://www.financemagnates.com/executives/saxo-bank-selects-mads-petersen-as-interim-cfo-as-mette-pedersen-exits/" target="_blank">Mette Pedersen left</a> last month as the Group CFO, leaving Mads Dorf Petersen in the interim role.</p>

This article was written by Arnab Shome at www.financemagnates.com.

Source: Saxo Bank Sees 13% MoM Decline in October's FX Volume