FX volume at Saxo Bank drops 20pct YoY in November

abdelaziz Fathi

Saxo Bank has reported its monthly metrics for November 2021, which ultimately failed to overtake last month’s flat volumes, showing a renewed decline month-over-month across all business segments.

The Danish multi-asset brokerage saw its FX average daily volumes drop to $4.5 billion, the lowest since August and was also down -12 percent month-over-month from $5.1 billion in the month prior. Across a yearly timeframe, this figure also failed to best its 2020 equivalent, scoring a 20 percent drop year-over-year from $5.6 billion in November 2020.

Additionally, the ADV metric is lower by over 40 percent from the year’s peak set earlier in March at $7.4 billion.

In terms of Saxo Bank’s total monthly FX volume for November 2021, it was reported at $99.2 billion, which is down -12 percent from $113.0 billion a month ago. Further, this figure corresponds to a yearly drop of 15 percent compared to $117.6 billion in 2020.

In terms of its equities business, Saxo Bank also disappointed in this segment after yielding a figure of $7.1 billion in November 2021, down by 10 percent from the $7.9 billion reported in October. The ADV figure was however higher by 77 percent from $4.0 billion set back a year earlier.

Overall, Saxo Bank’s average daily volume across all asset classes was lower during November 2021, reported at $13.3 billion per day, down 10 percent month-over-month relative to $14.8 billion the month prior. Moreover, the figure was higher by 20 percent from $11.1 billion a year ago.

Saxo Bank sweetens crypto offering

Saxo Bank has recently expanded its cryptocurrency contracts-for-difference (CFDs) offering, this time with the addition of nine new Crypto FX pairs to its TradingView product suite.

Saxo Bank traders already have direct access to TradingView from their own accounts, which brings many benefits for users in the form of an integrated trading terminal and other suites of tools.

The introduction of new instruments adds to Saxo Bank’s rapidly expanding suite of cryptos, following strong demand from clients over the past few months.

The company has been quickly shoring up its offerings with more altcoins. While May 2021 marked the launch of its Crypto FX service and a gradual embrace of crypto products, the latest expansions have been fueled by consistent demand for more diverse options.

Saxo Bank revealed in September that its crypto products exceeded $2.5 billion in turnover for the year, leading the Danish online broker to increase position limits and add new crypto products in response to client demand.

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