Danish multi-asset brokerage, Saxo Bank has reported an increase in trading activities in December 2023. The bank’s clients traded an average daily volume (ADV) of $6.4 billion, marking an 18% rise from the $5.4 billion in the previous month and a year-over-year increase from $5.5 billion in December 2022.
The total monthly FX volume for December 2023 stood at $135 billion, a 13.4% increase from $119 billion in November, and an 11% increase compared to $121 billion in December 2022. However, Saxo Bank’s stocks and commodities business remained relatively flat, yielding ADVs of $9.2 billion and $1.5 billion, respectively, in December 2023. This compares to $9.0 billion and the $1.6 billion reported in November.
Overall, Saxo Bank’s average daily volume across all asset classes was up during December 2023, reported at $17.6 billion per day, relative to $16.5 billion the month prior.
Last year, the Danish Financial Supervisory Authority (FSA) designated Saxo Bank as a Systemically Important Financial Institution (SIFI), recognizing its crucial role in the financial system. This notable classification also 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.
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.
