Saxo Bank Observes a 13% MoM Decline in FX Volume in October

Saxo Bank, a Danish broker, revealed in its September trading metrics that the monthly demand for foreign exchange (forex) trading and other instruments decreased.

Last month's volume contrasted to the previous month's $146.7 billion when the market corrected quickly following a summer slowdown. Saxo's foreign exchange trade decreased by approximately 13 percent month-to-month. However, the number increased by more than 13,1 percent annually.

In October, the average daily volume (ADV) of FX instruments on Saxo was $6.1 billion. The number decreased by 6.9 percent compared to the previous month and increased by 19.6 percent compared to the same month the previous year.

The total monthly trading volume on the platform for October was $432,2 billion, which is a slight 2 percent increase from the previous month. The trade demand increased by roughly 33 percent year-over-year.

When demand for foreign exchange on Saxo decreased compared to the previous month, equity trading gained traction. The entire monthly volume of equity instruments increased to $256.5 billion from $247.8 billion the previous month. In this section, the annual demand increased by 48 percent.

In addition, demand for fixed income, which represents the smallest proportion of total trading activity, increased to $11.4 billion from $10.5 billion the previous month. In contrast, demand for commodities trade fell from $39.5 billion to $36.4 billion.

In the meantime, Saxo Bank is exploring going public through a combination with a company that issues blank checks. Although the decision has not yet been finalized, the corporation has already indicated that it will not issue any primary shares.

In addition, the broker has lately encountered a departing CEO of high rank. Mette Pedersen resigned as Group CFO last month, leaving Mads Dorf Petersen in the temporary position.