After recently posting one of its worst financial periods in years with a net loss in the 2nd half of 2023, Copenhagen-based Saxo Bank Retail FX and CFDs isn’t exactly enjoying a strong start to 2024.
After a fairly quiet January, trading volumes at Saxo Bank fell 5% MoM in February 2024 to $358.3 billion, down from $375.5 billion the previous month. So far in 2024, Saxo’s client trading volumes are averaging $367 billion per month, down 8% from the 2023 average of $399 billion.
Saxo Bank saw declines in trading volumes across all of its traded asset groups in February due to a 13% drop in its core FX trading volume. Saxo Bank’s FX trading volume of $92.4 billion in February 2024 marks the first time FX trading has fallen below the $100 billion mark at the firm since 2021 and is actually the lowest comparable figure at Saxo since when the company began publishing volume statistics in 2016.
Client trade volumes at Saxo Bank in February 2024 were as follows:
- FX trading fell 13% MoM to $92.4 billion.
- Shares fell 1% to $217.4 billion.
- Merchandise fell 1% to $39.0 billion.
- Fixed income trading fell 3% to $9.5 billion.
Saxo Bank is controlled by Chinese conglomerate Geely.