Saxo Bank Records Best Month Since March 2020
Saxo Bank, a Danish investment bank specializing in online trading and investment, released its monthly trading volume on Wednesday, reporting a reversal of the three-month drops in its total monthly forex volume. The volume jumped 40% from $110.8 billion in February to $155.5 billion in March 2023. FX Volume Rises Beyond December Low The volume rose overhead last month after consistently dropping month-over-month from $138 billion in November. In December, the volume slumped by 12% to $121.3 billion and further declined to $115.2 billion in January before worsening to $110.8 billion in February. The daily average of the FX volume also followed a similar pattern: In November, the ADV dropped by 3% to $6.3 billion, sank further to $5.5 billion in December and declined again to $5.2 billion in January. However, in February, the ADV rose to $5.5 billion and further shot up by 24% to 6.8% in March 2023.How Other Assets PerformedUnlike the forex volume, the volumes of trading in other asset classes created a different pattern. For commodities, total monthly volumes have been increasing marginally since the start of the year. In January, total monthly volumes rose by 6% to $32.8 billion and increased slightly to $32.9 billion in February before rising significantly to $44.2 billion last month. The ADV for this asset class also increased by $1.5 billion in January to $1.6 billion in February and further rose to $1.9 billion in March 2023.Equities trading in January shot up by 14% to reach $219.7 billion. However, the volume declined to $208 billion in February but rose by 25% to $259.9 billion in March. On the contrary, while the ADV slumped by 14% to $10 billion in January, it rose marginally to $10.4 billion in February and $11.3 billion in March. In the fixed income category, monthly volume remained static at $7.9 billion in January. However, the volume rose to $8 billion in February and skyrocketed by 180% to $22.4 billion in March. In the same vein, the ADV of fixed income returned stagnant at $400 million in January and remained stable month-over-month until it shot up by 150% to $1 billion last month.Saxo Bank Sees Best Month Since March 2020Across board, Saxo Bank’s overall monthly volume rose by 34% to $482.1 billion in March, up from $359.8 billion in the prior month. Similarly, overall ADV increased by 17% to $21 billion in March 2023.The overall $482.1 billion generated in March 2023 is the online trading firm's best monthly volume since March 2020 when volatility from the COVID-19 pandemic spiked the monthly volume to $496.8 billion.Meanwhile, in 2022, lower trading activities bit 6% into Saxo Bank’s profit. The online trading firm’s trading-related earnings also decreased by 2% year-over-year to DKK 4.85 billion in 2022 despite record-high 876,000 total clients.BUS Offers Interest; FINRA Warns against Phishing; read today's news nuggets. This article was written by Solomon Oladipupo at www.financemagnates.com.
Saxo Bank, a Danish investment bank specializing in online trading and investment, released its monthly trading volume on Wednesday, reporting a reversal of the three-month drops in its total monthly forex volume. The volume jumped 40% from $110.8 billion in February to $155.5 billion in March 2023.
FX Volume Rises Beyond December Low
The volume rose overhead last month after consistently dropping month-over-month from $138 billion in November. In December, the volume slumped by 12% to $121.3 billion and further declined to $115.2 billion in January before worsening to $110.8 billion in February.
The daily average of the FX volume also followed a similar pattern: In November, the ADV dropped by 3% to $6.3 billion, sank further to $5.5 billion in December and declined again to $5.2 billion in January. However, in February, the ADV rose to $5.5 billion and further shot up by 24% to 6.8% in March 2023.
How Other Assets Performed
Unlike the forex volume, the volumes of trading in other asset classes created a different pattern. For commodities, total monthly volumes have been increasing marginally since the start of the year. In January, total monthly volumes rose by 6% to $32.8 billion and increased slightly to $32.9 billion in February before rising significantly to $44.2 billion last month.
The ADV for this asset class also increased by $1.5 billion in January to $1.6 billion in February and further rose to $1.9 billion in March 2023.
Equities trading in January shot up by 14% to reach $219.7 billion. However, the volume declined to $208 billion in February but rose by 25% to $259.9 billion in March. On the contrary, while the ADV slumped by 14% to $10 billion in January, it rose marginally to $10.4 billion in February and $11.3 billion in March.
In the fixed income category, monthly volume remained static at $7.9 billion in January. However, the volume rose to $8 billion in February and skyrocketed by 180% to $22.4 billion in March. In the same vein, the ADV of fixed income returned stagnant at $400 million in January and remained stable month-over-month until it shot up by 150% to $1 billion last month.
Saxo Bank Sees Best Month Since March 2020
Across board, Saxo Bank’s overall monthly volume rose by 34% to $482.1 billion in March, up from $359.8 billion in the prior month. Similarly, overall ADV increased by 17% to $21 billion in March 2023.
The overall $482.1 billion generated in March 2023 is the online trading firm's best monthly volume since March 2020 when volatility from the COVID-19 pandemic spiked the monthly volume to $496.8 billion.
Meanwhile, in 2022, lower trading activities bit 6% into Saxo Bank’s profit. The online trading firm’s trading-related earnings also decreased by 2% year-over-year to DKK 4.85 billion in 2022 despite record-high 876,000 total clients.
BUS Offers Interest; FINRA Warns against Phishing; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
