Forex and Equities Push Saxo Bank's Volume 43% Higher in September

Saxo Bank, a Denmark-based forex and CFD trading services provider, reported a total monthly volume of $444.4 billion in September.

This represents a 43% increase in total monthly volume compared to $311.8 billion recorded earlier in August.

Additionally, the broker’s average daily volume (ADV) in the month shot up to $20.2 billion, which is 49% above the prior month’s $13.6 billion.

These details are contained in the September update to the monthly trading volume figures posted by Saxo Bank on its website.

The new record reverses Saxo Bank’s three months of consecutive decline in trading volumes that started in June.

Contributory Factors

Data shared by Saxo Bank shows that the 43% month-over-month (MoM) gain recorded in September was majorly pushed by equities and foreign exchange trading volumes.

Saxo Bank’s equities ADV and monthly volume for last month skyrocketed 59.2% and 51% to $11.3 billion and $247.8 billion, respectively.

However, forex trading ADV and monthly volumes surged 40% and 34% to $6.7 billion and $146.7 billion, respectively.

Furthermore, commodities and fixed income contributed to the boost in overall volume in September as volumes of these instruments shot up significantly.

The average daily volume of trading in commodities jumped 38.5% to $1.8 billion, with a corresponding 35.3% increase to $39.5 billion in volume by month-end.

Additionally, fixed income ADV in September improved by 25% to $0.5 billion and monthly volume by 24% to $10.5 billion.

Profit Dip

Meanwhile, Saxo Bank Group posted a 41% decline in its half-year 2022 net profit as the figure slumped to DKK 302 million, compared to the previous year’s DKK 512 million.

The Founder and Group CEO, Kim Fournais, noted that the Group's results were not satisfactory and were affected by difficult market conditions during the period.

Moreover, Saxo Bank recently disclosed its intention to become a public company by merging with Disruptive Capital Acquisition Company Limited (DCAC), a blank-check company.

Finance Magnates reported that if the deal pulled through, the merged entity will be listed on the Amsterdam unit of pan-European exchange, Euronext, thereby becoming one of the few publicly-listed brokerages.