The FX trading volume on the platform came in at $106.1 billion.
Despite the overall drop, the average daily volume improved.
Saxo Bank, with headquarters in Denmark, reported a total trading volume of $438.3 billion in September, a drop from $453.7 billion from the previous month and a month-over-month decline of 3.4 percent. However, the daily average improved to $20.9 billion from $19.7 billion due to the lower number of trading days last month.
Demand for FX Remains Strong
The forex trading volume on the brokerage platform came in at $106.1 billion, a fall of 5.5 percent from the previous month's figures of $112.3 billion. Year-over-year, the amount curtailed by more than 27 percent.
The daily average of the FX trading last month was reported as $5.1 billion, an improvement from $4.9 million in the previous month but a decline from $6.7 billion in the same month of the previous year.
Although FX dominated Saxo's offering once, now, equities become the most significant driver of the overall trading volume. The monthly volume of equities came in at $289.1 billion, lowering 2.2 percent month-over-month but improving 16.6 percent year-over-year.
Saxo's offerings also included commodities and fixed-income instruments. The $36.7 billion monthly volume of commodities declined from the previous month's $37.9 billion. For fixed income, the figures dwindled from $7.8 billion to $6.8 billion.
Expanding Overseas Presence
In the overseas market, primarily in the Asia Pacific, Saxo offers a broader range of products, including cryptocurrency contracts for differences (CFDs). However, the Danish group does not publish the demand for those products on a monthly basis. The group is also expanding its reach in the overseas markets with partnerships.
Meanwhile, the operating profit of Saxo skyrocketed to DKK 520 million in the first half of the ongoing year, an enhancement of 34 percent. Although trading and investment activity reduced among its clients, the increased interest income offset the impact.
Saxo Bank, with headquarters in Denmark, reported a total trading volume of $438.3 billion in September, a drop from $453.7 billion from the previous month and a month-over-month decline of 3.4 percent. However, the daily average improved to $20.9 billion from $19.7 billion due to the lower number of trading days last month.
Demand for FX Remains Strong
The forex trading volume on the brokerage platform came in at $106.1 billion, a fall of 5.5 percent from the previous month's figures of $112.3 billion. Year-over-year, the amount curtailed by more than 27 percent.
The daily average of the FX trading last month was reported as $5.1 billion, an improvement from $4.9 million in the previous month but a decline from $6.7 billion in the same month of the previous year.
Although FX dominated Saxo's offering once, now, equities become the most significant driver of the overall trading volume. The monthly volume of equities came in at $289.1 billion, lowering 2.2 percent month-over-month but improving 16.6 percent year-over-year.
Saxo's offerings also included commodities and fixed-income instruments. The $36.7 billion monthly volume of commodities declined from the previous month's $37.9 billion. For fixed income, the figures dwindled from $7.8 billion to $6.8 billion.
Expanding Overseas Presence
In the overseas market, primarily in the Asia Pacific, Saxo offers a broader range of products, including cryptocurrency contracts for differences (CFDs). However, the Danish group does not publish the demand for those products on a monthly basis. The group is also expanding its reach in the overseas markets with partnerships.
Meanwhile, the operating profit of Saxo skyrocketed to DKK 520 million in the first half of the ongoing year, an enhancement of 34 percent. Although trading and investment activity reduced among its clients, the increased interest income offset the impact.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
FXCubic Integrates Devexperts' DXtrade to Enhance Broker Solutions
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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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.
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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!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
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.
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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
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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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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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Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa