The firm beats a three-month drop in FX volume and sees $155 billion in March 2023.
Lower trading activities bit 6% into Saxo Bank's profit in 2022.
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.
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.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
CFI Obtains Regulatory Approval for South African Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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