Saxo Bank has reported a notable upswing in trading volume in the foreign exchange (FX) market for the month of October. This positive performance marked a break in a four-month streak of consecutive declines. The total FX volume for October reached $112.5 billion, showing a substantial 6% increase compared to September 2023. This surge in FX trading was also reflected in the overall monthly volume. This was also one of the highest points for the year.

The average daily volume (ADV) for October remained stable at $5.1 billion, while the total FX volume rebounded from $106.1 billion. This impressive performance allowed for a reversal of the declining trend.

Notably, Saxo Bank’s total trading volume for all asset classes, including commodities, equities, and fixed income, witnessed an expansion from $438.3 billion to $462 billion, with the ADV slightly strengthening from $20.9 billion to $21 billion. The most significant growth was in the FX market and equities. The monthly volume jumped from $289.1 billion to $297.5 billion.

Saxo Bank October Trading Volume

When comparing these figures to October 2022, there are mixed results. While the total trading volume was significantly higher than the previous year’s $432.2 billion, FX volumes were notably lower, coming in at $127.9 billion in 2022.

Saxo Bank’s UK branch, however, faced some challenges as its net earnings for 2022 experienced a 16% decrease to £10.47 million, despite a 20,000 increase in clientele. The branch reported a decline in net operating income from £32.1 million to £26.2 million, resulting in an operating profit of £10.30 million, down from the previous year’s £15.56 million. Nevertheless, the net profit, though diminished, amounted to £10.47 million, reflecting a 16% improvement compared to the £12.41 million recorded in 2021.

In line with the global financial disclosures of the Saxo Bank Group, the UK branch’s figures revealed a slight decrease of 6% in net profit, totaling DD 711 million for 2022. However, despite a consistently lower level of trading by retail investors, the first half of 2023 has shown a remarkable surge of 34% in profits.

Amidst these financial developments, the UK’s Financial Conduct Authority (FCA) has issued warnings about fraudulent schemes imitating Saxo Bank. These “clone firms” have been meticulously replicating the legitimate firm’s details, including names, websites, addresses, and logos, in an attempt to deceive individuals into believing they are dealing with a genuine financial institution. The FCA has urged the public to exercise caution and verify the authenticity of any financial institutions with whom they engage.

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