Saxo Bank Records An Increase In Monthly Volumes To $112.9 Billion

Saxo Bank has reported its financial results for July. The results show a plunge in foreign exchange (FX) trading volumes during the month. The monthly volumes posted during the period dropped to $112.9 billion, a notable increase from the $119.5 billion reported in June.

Saxo Bank posts a decline in FX trading volumes

The monthly volumes reported by Saxo Bank for July 2023 were a 5.5% drop compared to the previous month. In June, the FX demand on the platform also recorded a marginal decline of 2.5% compared to July 2022.

On the other hand, the daily average volumes for FX trading activity reported in June and July remained stagnant at $5.4 billion. This figure dropped from the $5.5 billion posted in July 2022.

Saxo Bank is a diverse trading platform that offers access to a wide range of financial instruments. Besides forex, the trading platform also provides access to leading asset classes which reported a decline in trading demand. This decline resulted in the total monthly trading volumes on the platform dropping from $391.7 billion to $371.9 billion in July.

Despite some asset classes witnessing a decline in demand, some reported gains in the overall trading volume. The overall trading volume by Saxo Bank in July recorded a significant increase of nearly 15.5%.

The demand reported for equities on the Saxo Bank platform also remained robust, with the monthly trading volumes coming to $222.1 billion. The equities demand declined from the $233.5 billion posted in June 2023. However, it was a significant jump from the $166.2 million seen in July 2022.

Commodities also recorded a decline in demand. The monthly volume for commodities in July 2023 came to $29.6 billion, a drop from the $32.1 billion posted during the previous month. On the other hand, the fixed income during the month came to $7.3 billion, an increase from $6.6 billion.

Saxo Bank is growing its global presence

Saxo Bank has been steadily growing its global presence by securing new licenses. The company has its headquarters in Denmark and operates across multiple markets with several local companies. It also provides access to crypto products in some markets outside Europe. However, Saxo Bank does not regularly disclose the financial metrics for its crypto operations.

The Danish Financial Supervisory Authority (FSA) has previously urged the platform to drop its cryptocurrency operations. According to the FSA, Saxo Bank’s digital assets offerings for its accounts were not within the scope under which it was lawfully authorized to operate.

The FSA also classified Saxo Bank as a Systemically Important Financial Institution (SIFI). As such, the broker should abide by strict capital requirements. Saxo Bank has become the ninth company in Denmark to receive this designation.