<p>Saxo Bank, a Denmark-based forex and CFD trading services provider, reported a total monthly volume of $444.4 billion in September. </p><p>This represents a 43% increase in total monthly volume compared to $311.8 billion recorded earlier in August.</p><p>The broker’s average daily volume (ADV) in the month also shot up to $20.2 billion, which is 49% above prior month’s $13.6 billion.</p><p>These details are contained in <a href=”https://www.home.saxo/about-us/investor-relations” target=”_blank” rel=”nofollow”>the September update</a> to the monthly trading volume figures posted by Saxo Bank on its website.</p><p>The new record reverses Saxo Bank’s <a href=”https://www.financemagnates.com/forex/saxo-banks-volume-drops-for-third-consecutive-month-to-3118b/”>three months of consecutive declines</a> in trading volumes that <a href=”https://www.financemagnates.com/forex/brokers/saxo-bank-sees-recovery-in-fx-demand-june-trading-volume-jumps-44-yoy/”>started in June</a>.</p><p>Contributory Factors</p><p>Data shared by Saxo Bank shows that the 43% month-over-month (MoM) gain recorded in September was majorly pushed by equities and foreign exchange trading volumes.</p><p>Saxo Bank’s equities ADV and monthly volume for last month skyrocketed 59.2% and 51% to $11.3 billion and $247.8 billion, respectively.</p><p>On the other hand, forex trading ADV and monthly volumes surged 40% and 34% to $6.7 billion and $146.7 billion, respectively.</p><p>Furthermore, commodities and fixed income also contributed to the boost in the overall volume in September as volumes of these instruments shot up significantly in September.</p><p>Average daily volume of trading in commodities jumped 38.5% to $1.8 billion, with a corresponding 35.3% increase to $39.5 billion in volume by month-end.</p><p>Additionally, fixed income ADV in September improved 25% to $0.5 billion and montly volume 24% to $10.5 billion.</p><p>Profit Dip</p><p>Meanwhile, Saxo Bank Group posted <a href=”https://www.financemagnates.com/forex/brokers/saxo-bank-sees-41-decline-in-h1-2022-profit/”>a 41% decline</a> in its half-year 2022 net profit as the figure slumped to DKK 302 million, compared to the previous year’s DKK 512 million.</p><p>Founder and Group CEO, Kim Fournais, noted that the Group’s results were not satisfactory and were affected by difficult market conditions during the period.</p><p>Moreover, Saxo Bank recently disclosed its intention to <a href=”https://www.financemagnates.com/forex/brokers/saxo-bank-explores-amsterdam-listing-with-spac-deal/”>become a public company</a> by merging with Disruptive Capital Acquisition Company Limited (DCAC), a blank-check company.</p><p>Finance Magnates reported that if the deal pulled through, the merged entity will be listed on the Amsterdam unit of pan-European exchange, Euronext, thereby becoming one of the few publicly-listed brokerages. </p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
