Danish investment bank Saxo Bank reports a 40% volume growth in March 2023

Saxo Bank, an investment bank based in Denmark, has released a report on its monthly trading volumes. The report shows a reversal in the three-month drops of the total monthly forex volume. The volumes reported by the company in February also jumped by 40% to reach $155.5 billion in March 2023.

Saxo Bank’s volumes jump 40%

Saxo Bank is a Danish financial institution dealing in online trading and investment. The bank has now shared the data on its monthly trading volumes showing that the forex volumes jumped to $155.5 billion in March 2023 from the $110.8 billion that was reported in February.

The volume growth witnessed last month comes after a steady drop in the month-over-month volumes towards the end of 2022. In November, Saxo Bank had reported $138 billion in volumes, and it dropped by 12% to $121.3 billion in December. The figure further dropped to $115.2 billion in January and then to $110.8 billion in February.

The daily average FX volumes also saw a similar trend. In November, the ADV by the firm declined by 3% to $6.3 billion. It later dropped to $5.5 billion in December and then to $5.2 billion in January. However, a recovery was seen in February 2023 as the ADV climbed again to $5.5 billion and later increased by 24% in March.

The total monthly volumes for commodities have also been on a marginal increase since the start of the year. In January, Saxo Bank reported a 6% increase in the total monthly commodities volumes that hit $32.8 billion. The volume later jumped to $32.9 billion in February and later reached $44.2 billion in March.

The ADV for commodities also gained by $1.5 billion in January and then reached $1.6 billion in February. The figure also increased to $1.9 billion in March 2023.

As for the equities market, the trading volumes in January increased by 14% to reach $219.7 billion. However, the figure dropped to $208 billion in February before increasing to $259.9 billion in March. On the other hand, the ADV declined by 14% to $10 billion in January. It gradually increased to $10.4 billion in February before hitting $11.3 billion in March.

The volume generated from fixed income assets was at $7.9 billion in January and increased to $8 billion in February. The figure increased by 180% to $22.4 billion in March. The ADV for fixed income also increased by 150% to reach $1 billion in March.

Saxo Bank reports a notable recovery in March

The overall monthly volumes reported by Saxo Bank also increased by 34% to hit $482.1 billion in March, which was a notable increase from the $359.8 billion reported in February. The overall ADV also jumped by 17% to $21 billion.

The overall monthly volumes reported by Saxo Bank last month was the best figure since March 2020 when the market witnessed increased volatility because of the COVID pandemic. Saxo Bank reported lower profits in 2022 because of low trading activities. However, during the year, Saxo Bank reached a record high of 876,000 clients.