Saxo Bank Mar. 2024 Results: Total Volume Recovers, FX Volume Continues Downward Trend

Copenhagen-based online trading and investment specialist Saxo Bank has updated its trading figures for March 2024, reporting a total trading volume of $377.7 billion for the month, 5.4% higher than the previous month's figure of $358.3 billion and 21.7% lower than the $482.1 billion recorded in the same month last year. Average daily volume (ADV) for the month was $18.0 billion, up 5.3% from $17.1 billion in February and down 14.3% from $21.0 billion in March of last year.

Specifically, the FX trading volume for the month was $85.1 billion, a decrease of 7.9% compared to $92.4 billion in the previous month and 45.3% compared to $155.6 billion in the same month last year. On a month-on-month (MoM) basis, ADV for FX decreased by 6.8% to $4.1 billion from $4.4 billion and by 40.0% compared to $6.8 billion in March 2023.

The volume of equities traded during the period was $239.2 billion, up 10.0% from $217.4 billion in February 2024 and down 8.0% from $259.9 billion in March 2023. ADV for Equities was $11.4 billion, up 9.6% from $10.4 billion in the prior month and up 0.9% from $11.3 billion in the same month last year.

March’s trading volume of commodities was $44.1 billion, up 13.1% from $39.0 billion in February 2024 and down slightly from $44.2 billion in March 2023. ADV for commodities was $2.1 billion, up 10.5% compared to $1.9 billion both in February 2024 and March 2023.

Fixed income volume in March 2024 totaled $9.3 billion, down 2.1% from $9.5 billion in the previous month and down a whopping 58.5% from $22.4 billion in the same month in 2023. ADV for fixed income was $0.4 billion, compared to $0.5 billion last month and $1.0 billion last March.