Saxo Bank reports solid FX volume in a largely lackluster June

abdelaziz Fathi

In a volatile market driven by Russia-Ukraine headlines, FX trading volumes through Saxo Bank have surged to the highest level in more than fifteen months.

Saxo Bank’s clients traded worth $6.9 billion daily in June, the highest figure since March 2021 and was up month-over-month compared to $6.8 billion in May 2022. Saxo’s FX ADV for last month was also higher year-over-year, correlating to a rise of 43 percent relative to $4.8 billion in June 2021.

Saxo Bank’s total monthly FX volume also soared to $152.5 billion in June. This figure was up 2 percent from May’s totals, and also corresponds to a yearly rise of 43 percent when compared to $106 billion a year earlier.

Despite the increased volatility, volumes in the commodities segment were less impressive. The total monthly volume hit $38.2 billion, down 6 percent month-over-month from $43.2 billion in May. The figure was also lower by -10 percent from its 2021 equivalent.

Overall, Saxo Bank’s average daily volume across all asset classes was lower during June 2022, reported at $18.1 billion per day, down 5.6 percent month-over-month relative to $19.2 billion the month prior. Moreover, the figure was higher by 40 percent from $12.9 billion a year ago.

Saxo Bank reports growth in revenue

Saxo Bank reported surging revenues for 2021 as Covid-19 remains a key trigger for customers’ trading activity, but its earnings were almost the same compared to a year earlier. Copenhagen-based broker marked mild growth in revenues, which came in at DKK 4.5 billion ($685 million), up 4 percent from DKK 4.3 billion for the same period last year.

As for the bottom-line metrics, Saxo Bank disclosed a net profit of DKK 755 million ($114 million), slightly higher from DKK 750 million in the Jan-Dec period of 2020.

Furthermore, Saxo Bank won more clients with total active accounts crossing 820,000 for the first time in the company’s 30-year history. Having onboarded more than 263,000 new accounts last year, total clients’ assets under custody grew to DKK 640 billion as of December 2021.

On the operations front, Saxo Bank  completed integration with BinckBank, which it acquired in 2019, but the last segment of the Dutch lender’s clients is yet to be migrated later this year. The transaction added more than 400,000 direct clients across four jurisdictions in the Netherlands, Belgium, France, and Italy.

Read this next

Digital Assets

Midas launches investment strategies for the ‘crypto winter’

Midas.Investments has released three new investment strategies on its custodial CeDeFi platform, creating new opportunities during the ‘crypto winter’.   The platform merges diverse approaches to digital asset management into single-click products to let investors gain steady profits in any market conditions — including the ongoing bear market. a custodial CeDeFi platform, CeDeFi: Unlocking the […]

Digital Assets

Bitcoin.com Wallet adds several ERC-20 tokens

The product expansion includes representatives of the DeFi world, the Metaverse, and the largest stablecoins.

Market News

Savvy Investors to Profit Whether the Stock Market Rebounds or Not

Equities have gone up enormously since the low. SP500 has gained 13.88% since June 17. In August, the indices drifted sideways. On Wall Street, veteran investors expect a move in either direction.

Industry News

Wall Street-backed MEMX obtains SEC approval for options trading platform

The company has raised more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley.

Industry News

Amundi US launches ESG strategy that seeks to outperform S&P 500

Amundi’s Responsible investing team includes more than 45 specialists, and its ESG analysis covers more than 13,500 issuers across debt and equity.

Industry News

Verto launches embedded FX payments solution

The Verto API automates currency conversions, tracks payments and exchange rates in real-time, and is being launched in the follow-up of a $10 million in Series A funding last year.

Industry News

SEC awards over $16m to whistleblowers after another successful enforcement action

The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice.

Digital Assets

Ripple submits most succint explanation of Hinman issue in XRP lawsuit

It might be useful to get up to date as this could be the end of the road for the SEC.

Retail FX

TradingView integrates first Brazilian broker, Órama Investimentos

Órama offers all kinds of investment products, from fixed income to crypto-related funds.

<