FX volume down at Saxo Bank but other segments shine in October

abdelaziz Fathi

Danish multi-asset brokerage Saxo Bank has reported its monthly FX metrics for October 2021, which ultimately failed to overtake last month’s flat volumes, showing a renewed decline month-over-month.

The forex bank saw its FX average daily volumes drop to $5.1 billion, down -5 percent month-over-month from $5.4 billion in the month prior. Across a yearly time frame, this figure also failed to best its 2020 equivalent, scoring a -2 percent drop year-over-year from $5.2 billion in October 2020.

In terms of Saxo Bank’s total monthly FX volume, it was reported at $113 billion, which is down -8.1 percent from $123 billion a month ago. Further, this figure corresponds to a yearly decline compared to $114.3 billion in 2020.

In terms of its equities business, Saxo Bank reported higher volumes in this segment after yielding a figure of $7.9 billion in October, up 25 percent from the $6.3 billion reported in September. The ADV figure was also higher by two thirds from $4.7 billion set back a year earlier.

Saxo Bank’s commodities average daily volume rose slightly to $1.5 billion from the $1.4 billion reported in September and was virtually unchanged over a yearly timetable.

During October 2021, Saxo Bank saw its ADV across all asset classes rise to $14.8 billion, up 11 percent month-over-month from $13.3 billion the month prior. Across a yearly timeframe, this figure did manage to best its 2020 equivalent, scoring a 28 percent advance year-over-year from just $11.6 billion in October 2020.

In terms of its total volume, Saxo Bank yielded a figure of $325 billion in October 2021, which actually constitutes a 6.2 percent increase month-over-month from $306.8 billion registered earlier in September 2021. In addition, the latest figure is noticeably higher than the $254 billion in total volume secured in October 2020, which equates to a sizable 28 percent gain year-over-year.

Saxo Bank revealed last month that its crypto products has 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.

The brokerage firm also reported earlier surging half-year revenues as Covid-19 remains a key trigger for customers’ trading activity. The multi-asset group marked mild growth in revenues, which came in at DKK 2.4 billion ($376 million), up 5 percent from DKK 2.3 billion for the same period last year.

Furthermore, Saxo Bank won more clients with total active accounts crossing 790,000 for the first time in the company’s 29-year history. Having onboarded more than 159,000 new accounts in the first half, assets under custody grew to DKK 595 billion as of 30 June 2021.

That was another record-breaking milestone for the Danish broker, which took 25 years to reach the DKK 100 billion mark and then only 4 years to add an additional DKK 500 billion in client assets.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<