Saxo Bank reports $375.67 billion in overall trading volumes for January 2023

Saxo bank has reported its financial results for January. The company reported that the monthly trading volumes had reported a decline. The overall trading volumes at the company dropped to $375.6 billion. Moreover, the volume of forex assets during the month dropped by 5%.

Saxo released financial results for January

The January financial results released by Saxo Bank showed that the overall trading volumes were at $375.6 billion, which was a 9.6% decline compared to the previous month. The figure was also a 14.3% drop compared to the same period during the previous year.

During the month, Saxo Bank reported that the trading volumes from the forex division were $115.2 billion, which was a 5% decline compared to the previous month. However, the forex trading volumes were over 6% higher than in January 2022.

In January 2023, Saxo Bank reported $5.2 billion in the daily average for FX instruments. The figure was a notable drop from the $5.5 million reported in December. The company also reported a similar trend in equity instruments.

In January, the demand for equities instruments dropped, as seen in Saxo Bank’s monthly reports. The total monthly volume for these instruments came in at $219.7 billion, representing a month-over-month drop of more than 14%. Additionally, the figure also dropped annually by around 25%. The daily average volume for the asset class during the month was $10 billion.

Besides forex and equities instruments, Saxo Bank also provides its clients access to other financial instruments such as commodities and fixed income. The monthly trading volumes for commodities came in at $32.8 billion, while the volumes for fixed-income instruments came in at $7.9 billion.

The demand for commodities dropped marginally compared to the $30.8 billion reported during the previous month. However, the demand for fixed-income instruments remained flat in January.

Saxo Bank fails to go public

Saxo bank is a brokerage platform whose headquarters are in Denmark. The company was founded in 1992 as a brokerage company. Last year, there were speculations that Saxo Bank would go public. The company even secured a deal with a blank-check company to help it become a publicly-listed company.

However, the plans never came to fruition. The deal between Saxo Bank and the blank-check company was terminated on mutual agreement between the parties. The main reason behind the termination was the “timing.”

Nevertheless, there is still a possibility that Saxo Bank will still have a public offering. In a recent interview, the CEO of the brokerage company, Kim Fournais, said that the company did not wholly abandon the plans to go public. Fournais said that the company could still file for an initial public offering (IPO) this year.

The company also released its revenues for the first half of 2022. The figures showed that the company’s revenues dropped by 12% to DKK 2.14 billion. The net profits for the period also dropped by over 41% to DKK 302 million. The company attributed this decline to extreme market conditions.