Saxo Bank has released its trading metrics for December, revealing a notable surge in the monthly volume of forex instruments. The official data indicates that forex trading experienced a robust 13.6% month-over-month increase, reaching $13.8 billion—the highest level since March of the same year.
The average daily volume (ADV) for forex in December witnessed a notable rise to $6.4 billion, up from the previous month’s $5.4 billion. On a year-over-year basis, the ADV exhibited a substantial gain of 16.3%, while the overall monthly volume saw a commendable 11.1% increase.
The heightened demand for forex contributed to a marginal uptick in Saxo’s overall monthly volume, which reached 1.8%, totaling $369.5 billion. However, this figure represented an 11.1% decrease when compared to December 2022.
Saxo Bank Records Robust Growth in Forex Trading Metrics for December 2023
Saxo Bank, known for providing trading services across equities, commodities, and fixed-income instruments, observed a decline in trading volume for asset classes other than forex. Equities, the most favored asset class on Saxo in terms of trading volume, recorded a monthly volume of $192.8 billion in December—a 2.4% decrease. Year-over-year, the demand for equities plummeted by over 22%. Nevertheless, the latest ADV for equities, standing at $9.2 billion, showed improvement from the previous month’s $9 billion.
In December, the monthly volume of commodities instruments on Saxo amounted to $31.6 billion, a decrease from the preceding month’s $35.4 billion. Fixed income, with the least demand from traders on Saxo, witnessed a decline in monthly volume to $10.3 billion from $10.6 billion.
Despite Saxo’s global presence and its provision of cryptocurrency contracts for differences in some Asia-Pacific markets, the bank does not actively report on those figures. In the first half of 2023, the group achieved an operating profit of DKK 520 million, reflecting a notable uptick of 34%.
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