The demand for the Saxo Bank Group’s offerings is slowly recovering as the company reported a healthy uptick in the trading volumes for September across some key segments, including foreign exchange (forex).
In its latest monthly metrics, the Danish investment bank reported a total forex trading volume of $133.6 billion from the previous month’s $123.4 billion. This translates to month-on-month growth of 8.2 percent.
Saxo’s forex volumes hit a record in March with $248.6 billion, but that windfall faded the next month with a significant dip. The demand took a further hit in July and August. Despite the upward rebound last month, the FX volume is still only above the numbers posted in January and August this year.
The daily FX average increased to $6.1 billion last month from the previous month’s $5.9 billion.
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Comparing year-on-year, last month’s figure also jumped by 12.6 percent as, in September 2019, the platform handled $118.6 billion in FX volume.
Commodities Demand Slumped Significantly
Despite the growth in FX, the equities products of the brokerage contributed the most to the total monthly volume as the segment saw a month-on-month uptick of 48.2 percent to $124.1 billion. This is only behind the reported volumes in March and June.
However, the volumes of commodities and fixed income went down. Commodities demand went down to $40.4 billion from the previous month’s $66.5 billion.
With all this, the total trading volumes for the month of September stood at $303.8 billion compared to $279.4 billion, a month-on-month rise of 8.7 percent.
Meanwhile, the Japanese business of Saxo is facing controversies as it recently confirmed that 750 clients’ data were leaked after a hit by hackers in July.