Saxo Bank’s January 2024 Forex Volume Dips to 5-Month Low

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Saxo Bank’s
first volume report in 2024 showed an increase in total client activity to the
highest levels since October, resulting in $375.5 billion. Almost one-third of
this value was volumes realized in the forex (FX) market, which declined
compared to the values of the last three months of 2023.

According
to Saxo Bank’s latest report, FX trading volumes in January were at $106.7
billion, significantly down from the $134.8 billion reported in December.
Moreover, this was the worst result since September, when the volume was
slightly less at $106.1 billion.

This
automatically translated into a lower average daily volume (ADV) for the FX
market, which in January was $4.9 billion, sliding from $6.4 billion compared
to December. Moreover, in the case of ADV, this was not the worst result in
four months but five months.

The total
ADV for all reported asset classes was $17.1 billion, slightly less than the
$17.6 billion Saxo Bank reported in December. In addition to FX products, Saxo provides volume data for commodities, equities , and fixed-income products.

The mixed
nature of Saxo Bank’s spot FX volumes in January 2024 aligns with the results
of other major centers
, which reported their results at the beginning of
the new month.

Equities Volumes
Significantly Up

Among all
asset classes, equities had the largest share in total volume. Equity trading
in January 2024 was at $219.78 billion, significantly up from the $192.8
billion reported the month before. This was also the highest value since
October 2023 when equity trading reached record values of $297.5 billion.

This
automatically translated into a higher ADV for this asset class at $10 billion,
$800 million higher than the $9.2 billion in December.

As for the
current financial results of the Saxo Bank group, the most recent report comes
from the first half of 2023, indicating that the institution achieved a net
profit of DKK 282 million.

Saxo’s 2024 Updates

At the
outset of the year, Saxo Bank was notably active, announcing changes in its
personnel and product offerings. The bank has recently elevated John Carmichael
to the position of Chief Risk and Compliance Officer.

In a move
to enhance its global online trading and execution services, Saxo Bank has
entered into a partnership with FairXchange. This collaboration sees Saxo Bank
incorporating FairXchange’s Horizon, a liquidity management platform, into its
operations.

Moreover,
Saxo has taken steps to make trading more accessible and affordable for
investors in the US and Australian markets by announcing reductions in
brokerage fees. This decision is geared towards providing Australian investors
with transparent, all-inclusive pricing, thus facilitating a more
cost-effective trading environment.

Saxo Bank’s
first volume report in 2024 showed an increase in total client activity to the
highest levels since October, resulting in $375.5 billion. Almost one-third of
this value was volumes realized in the forex (FX) market, which declined
compared to the values of the last three months of 2023.

According
to Saxo Bank’s latest report, FX trading volumes in January were at $106.7
billion, significantly down from the $134.8 billion reported in December.
Moreover, this was the worst result since September, when the volume was
slightly less at $106.1 billion.

This
automatically translated into a lower average daily volume (ADV) for the FX
market, which in January was $4.9 billion, sliding from $6.4 billion compared
to December. Moreover, in the case of ADV, this was not the worst result in
four months but five months.

The total
ADV for all reported asset classes was $17.1 billion, slightly less than the
$17.6 billion Saxo Bank reported in December. In addition to FX products, Saxo provides volume data for commodities, equities , and fixed-income products.

The mixed
nature of Saxo Bank’s spot FX volumes in January 2024 aligns with the results
of other major centers
, which reported their results at the beginning of
the new month.

Equities Volumes
Significantly Up

Among all
asset classes, equities had the largest share in total volume. Equity trading
in January 2024 was at $219.78 billion, significantly up from the $192.8
billion reported the month before. This was also the highest value since
October 2023 when equity trading reached record values of $297.5 billion.

This
automatically translated into a higher ADV for this asset class at $10 billion,
$800 million higher than the $9.2 billion in December.

As for the
current financial results of the Saxo Bank group, the most recent report comes
from the first half of 2023, indicating that the institution achieved a net
profit of DKK 282 million.

Saxo’s 2024 Updates

At the
outset of the year, Saxo Bank was notably active, announcing changes in its
personnel and product offerings. The bank has recently elevated John Carmichael
to the position of Chief Risk and Compliance Officer.

In a move
to enhance its global online trading and execution services, Saxo Bank has
entered into a partnership with FairXchange. This collaboration sees Saxo Bank
incorporating FairXchange’s Horizon, a liquidity management platform, into its
operations.

Moreover,
Saxo has taken steps to make trading more accessible and affordable for
investors in the US and Australian markets by announcing reductions in
brokerage fees. This decision is geared towards providing Australian investors
with transparent, all-inclusive pricing, thus facilitating a more
cost-effective trading environment.



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