Saxo Bank reports strong trading volumes for FX, commodities in April

abdelaziz Fathi

Danish multi-asset brokerage, Saxo Bank has reported an increase in trading activities in April 2024. The bank’s clients traded an average daily volume (ADV) of $4.5 billion, up 9.8% from the previous month, but was down 12% year-over-year from $5.1 billion in April 2023.

Saxo Bank’s FX clients traded worth $4.1 billion daily in March, the lowest turnover since December 2021.

The Danish multi-asset brokerage reported its total monthly FX volume for April 2024 at $99.3 billion, which is up 7.6 percent from $92.4 billion a month ago. However, this figure corresponds to a yearly decrease of 3 percent compared to $103 billion in 2023.

In terms of its commodities business, Saxo Bank performance was stronger in this segment after yielding an ADV of $3.2 billion last month, up from the $2.1 billion reported in March.

Overall, Saxo Bank’s average daily volume across all asset classes was upbeat during April 2024, reported at $21.9 billion per day, up from $18.1 billion the month prior.

Saxo Markets UK Ltd., the UK subsidiary of Saxo Bank A/S, parted ways earlier this year with its long-serving chief executive Charlie White-Thomson.

White-Thomson has nearly three decades of experience in financial services, including both developed and emerging equity markets. Having served in several senior management positions, he joined the Danish forex bank in 2019 as non-executive director to its board. During a five-year tenure, he held key roles, culminating with the position of Saxo Markets UK’s CEO in October 2020.

Last year, the Danish Financial Supervisory Authority (FSA) designated Saxo Bank as a Systemically Important Financial Institution (SIFI), recognizing its crucial role in the financial system. This notable classification also places Saxo Bank in the league of banks, insurance companies, and other financial institutions whose potential failure poses a substantial risk of triggering a widespread financial crisis.

Widely recognized as “too big to fail,” SIFIs hold a critical position within the financial landscape, warranting heightened regulatory oversight and safeguards to ensure their stability and prevent catastrophic consequences.

Read this next

Industry News

Citi fined £61 million after $189 billion algo order by mistake

The regulator noted that some primary controls at Citi were absent or deficient. In particular, there was no hard block that would have rejected this large erroneous basket of equities in its entirety and prevented any of it reaching the market.

blockdag

Retik Finance Uniswap Listing Shocker: Why Presale Investors Are Abandoning $RETIK for BlockDAG’s Astounding 30,000x ROI

Explore how major influencers champion BlockDAG’s 30,000X ROI, overshadowing Retik Finance’s Uniswap listing and shifting investor focus.

blockdag

Crypto Influencer ‘Crypto Jogi’ Names BlockDAG the Leading Investment for 2024, Outshining Retik Finance Exchange Listing

Explore why ‘Crypto Jogi’ has singled out BlockDAG as the investment to watch in 2024, shifting focus from Retik Finance’s upcoming exchange listings.

blockdag

Over the Moon or Lost in Space? MoonBag Presale vs. Retik Finance and Pepe Coin

Discover why MoonBag presale is the best crypto presale 2024, surpassing Pepe Coin and Retik Finance with innovative features and high returns. Don’t miss out!

Digital Assets

Uniswap challenges SEC’s planned lawsuit over decentralized exchange

Decentralized finance (DeFi) exchange Uniswap is moving to address a looming regulatory spat with the U.S. Securities and Exchange Commission (SEC).

Digital Assets

Solana trader turns $2K into $2.26 million with 1DOL bet

The Solana ecosystem has proven to be a profitable environment for both savvy traders and lucky speculators. In line with this trend, memecoin trader invested 2,275worth of Solana (SOL) to buy a stash of meme coins, which then became worth $2.26 million in just eight hours.

Executive Moves, Uncategorized

Bitget appoints Gracy Chen as CEO

“I’m extremely honored to step into the role of CEO at Bitget. Over the past six years, we’ve built a robust foundation and an incredible team. Bitget has transformed into a leading crypto platform, consistently innovating to create value for our 25 million users. I’m excited to lead our global expansion to new heights.”

Digital Assets

Seven crypto exchanges pull out of license race in Hong Kong

The number of cryptocurrency exchanges seeking operational licenses in Hong Kong is steadily decreasing as the deadline approaches. Most recently, three crypto exchanges withdrew their license applications filed with the Securities and Futures Commission of Hong Kong (SFC).

<