Saxo Bank reports flat trading volumes for October 2023

Saxo Bank’s clients traded worth $5.1 billion daily in October, that same as it had been the previous month. Saxo’s FX ADV for last month was lower year-over-year relative to $6.1 billion in October 2022.

The Danish multi-asset brokerage reported its total monthly FX volume for October 2023 at $112.5 billion, which is up 6 percent from $106.1 billion a month ago. Further, this figure corresponds to a yearly decrease of 12 percent compared to $129 billion in 2022.

In terms of its commodities business, Saxo Bank performance was strong in this segment after yielding an ADV of $1.9 billion in October 2022, up from the $1.7 billion reported in September.

Overall, Saxo Bank’s average daily volume across all asset classes was virtually unchanged during October 2023, reported at $21 billion per day, relative to $20.9 billion the month prior.

Earlier in July, the Danish Financial Supervisory Authority (FSA) has officially designated Saxo Bank as a Systemically Important Financial Institution (SIFI). This notable classification places Saxo Bank in the league of banks, insurance companies, and other financial institutions whose potential failure poses a substantial risk of triggering a widespread financial crisis.

Widely recognized as “too big to fail,” SIFIs hold a critical position within the financial landscape, warranting heightened regulatory oversight and safeguards to ensure their stability and prevent catastrophic consequences.

The Copenhagen-based broker reported higher revenues and net income for the first half of 2023, which reflects its ability to navigate a challenging macroeconomic landscape and focus on core operations. The multi-asset group marked a rise in H1 revenues, which came in at DKK 2.24 billion, up 4.7 percent from DKK 2.14 billion for the same period last year.

As for the bottom-line metrics, Saxo Bank disclosed a net profit of DKK 376 million, up 25 percent from DKK 302 million in the January-June period of 2022.

Meanwhile, Saxo Bank won more clients with total active accounts crossing 1 million for the first time in the company’s +30-year history. Additionally, Saxo Bank managed client assets worth DKK 721 billion, a substantial increase from DKK 591 billion a year ago, which was positively impacted by net funding of cash and securities totaling DKK 79 billion.