Saxo Bank sees surge in FX, stocks trading volumes in September

abdelaziz Fathi

As many currency markets saw a relatively active period in September, Copenhagen-based Saxo Bank has reported its monthly metrics, which showed a moderate rebound month-over-month.

The latest figures saw a sizable consolidation in key volume segments, failing to overtake a number of recent highs seen earlier this year.

The Danish multi-asset brokerage saw its FX average daily volumes rise to $5.1 billion, which was up 4.1 percent month-over-month from a month earlier. Saxo Bank’s clients traded worth $4.9 billion daily in August, the lowest figure in twelve months and was also down nine percent month-over-month compared to $5.4 billion in July.

Across a yearly timeframe, however, this figure saw a strong drop relative to its 2022 equivalent, scoring a 24 percent fall year-over-year from $6.7 billion in September 2022.

In terms of Saxo Bank’s total monthly FX volume, it was reported at $106 billion, which is down 5.4 percent from $112 billion a month ago. Further, this figure corresponds to a yearly decrease of 28 percent compared to $147 billion in 2022.

Saxo Bank’s equities business also performed well in September 2023, generating a daily trading volume of $13.8 billion. This marked a 7 percent increase from the $12.9 billion reported in August.

Overall, Saxo Bank’s average daily volume across all asset classes was higher during September, reported at $20.9 billion per day, up by 6 percent month-over-month relative to $19.7 billion the month prior.

Saxo Bank reported last month higher revenues and net income for the first half of 2023, which reflects its ability to navigate a challenging macroeconomic landscape and focus on core operations. The multi-asset group marked a rise in H1 revenues, which came in at DKK 2.24 billion, up 4.7 percent from DKK 2.14 billion for the same period last year.

As for the bottom-line metrics, Saxo Bank disclosed a net profit of DKK 376 million, up 25 percent from DKK 302 million in the January-June period of 2022.

Meanwhile, Saxo Bank won more clients with total active accounts crossing 1 million for the first time in the company’s +30-year history. Additionally, Saxo Bank managed client assets worth DKK 721 billion, a substantial increase from DKK 591 billion a year ago, which was positively impacted by net funding of cash and securities totaling DKK 79 billion.

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