Saxo Bank, a Danish investment bank specializing in online trading and investment, released its monthly trading volume on Wednesday, reporting a reversal of the three-month drop in its total monthly forex volume. The volume jumped 40% from $110.8 billion in February to $155.5 billion in March 2023.

FX Volume Rises Beyond December Low

The volume rose overhead last month after consistently dropping month-over-month from $138 billion in November. In December, the volume slumped 12% to $121.3 billion and further declined to $115.2 billion in January before worsening to $110.8 billion in February.

Additionally, the daily average of the FX volume followed a similar pattern: In November, the ADV dropped 3% to $6.3 billion, sank further to $5.5 billion in December and declined again to $5.2 billion in January. However, in February, the ADV rose to $5.5 billion and further shot up 24% to 6.8% in March 2023.

How Other Assets Performed

Unlike the forex volume, the volumes of trading in other asset classes created a different pattern. For commodities, total monthly volumes have been increasing marginally since the start of the year. In January, total monthly volumes rose 6% to $32.8 billion and increased slightly to $32.9 billion in February before rising significantly to $44.2 billion last month.

In addition, the ADV for this asset class increased from $1.5 billion in January to $1.6 billion in February and further rose to $1.9 billion in March 2023.

Equities trading in January shot up 14% to reach $219.7 billion. However, the volume declined to $208 billion in February but rose 25% to $259.9 billion in March. On the contrary, while the ADV slumped 14% to $10 billion in January, it rose marginally to $10.4 billion in February and $11.3 billion in March.

In the fixed income category, monthly volume remained static at $7.9 billion in January. However, the volume rose to $8 billion in February and skyrocketed 180% to $22.4 billion in March. In the same vein, the ADV of fixed income returned stagnant at $400 million in January and remained stable month-over-month until it shot up 150% to $1 billion last month.

Saxo Bank Sees Best Month since March 2020

Across the board, Saxo Bank’s overall monthly volume rose 34% to $482.1 billion in March, which is up from $359.8 billion in the prior month. Similarly, overall ADV increased 17% to $21 billion in March 2023.

The overall $482.1 billion generated in March 2023 is the online trading firm's best monthly volume since March 2020 when volatility from the COVID-19 pandemic spiked the monthly volume to $496.8 billion.

Meanwhile, in 2022, lower trading activities bit 6% into Saxo Bank’s profit. The online trading firm’s trading-related earnings decreased 2% year-over-year to DKK 4.85 billion in 2022 despite record-high total clients numbering 876,000.

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