Saxo Bank's first volume report in 2024 showed an increase in total client activity to the highest levels since October, resulting in $375.5 billion. Almost one-third of this value was volumes realized in the forex (FX) market, which declined compared to the values of the last three months of 2023.
FX Volumes at Saxo in January the Lowest since September
According to Saxo Bank's latest report, FX trading volumes in January were at $106.7 billion, significantly down from the $134.8 billion reported in December. Moreover, this was the worst result since September, when the volume was slightly less at $106.1 billion.
This automatically translated into a lower average daily volume (ADV) for the FX market, which in January was $4.9 billion, sliding from $6.4 billion compared to December. Moreover, in the case of ADV, this was not the worst result in four months but five months.
The total ADV for all reported asset classes was $17.1 billion, slightly less than the $17.6 billion Saxo Bank reported in December. In addition to FX products, Saxo provides volume data for commodities, equities , and fixed-income products.
The mixed nature of Saxo Bank's spot FX volumes in January 2024 aligns with the results of other major centers, which reported their results at the beginning of the new month.
Equities Volumes Significantly Up
Among all asset classes, equities had the largest share in total volume. Equity trading in January 2024 was at $219.78 billion, significantly up from the $192.8 billion reported the month before. This was also the highest value since October 2023 when equity trading reached record values of $297.5 billion.
This automatically translated into a higher ADV for this asset class at $10 billion, $800 million higher than the $9.2 billion in December.
As for the current financial results of the Saxo Bank group, the most recent report comes from the first half of 2023, indicating that the institution achieved a net profit of DKK 282 million.
Saxo's 2024 Updates
At the outset of the year, Saxo Bank was notably active, announcing changes in its personnel and product offerings. The bank has recently elevated John Carmichael to the position of Chief Risk and Compliance Officer.
In a move to enhance its global online trading and execution services, Saxo Bank has entered into a partnership with FairXchange. This collaboration sees Saxo Bank incorporating FairXchange's Horizon, a liquidity management platform, into its operations.
Moreover, Saxo has taken steps to make trading more accessible and affordable for investors in the US and Australian markets by announcing reductions in brokerage fees. This decision is geared towards providing Australian investors with transparent, all-inclusive pricing, thus facilitating a more cost-effective trading environment.
