Saxo Banks Year-End Financial Reports Released
Saxo Bank provided public documents regarding their foreign exchange metrics in November 2019. This comes after the banking institution had their worst month in foreign exchange volumes. However, the recent reports indicate that the multi-asset broker could regroup themselves in January 2020. Their lowest reported monthly volumes for foreign exchange trading was maintained at $107.5 billion. It marked the lowest point for Saxo Bank since implementing its online FX trading in 2016. Their low volumes continued following December, where they saw a slight increase in trading, which conventionally is challenging throughout the holiday period. Regardless, they managed to have trading volumes listed at $118.9 million. This subsequently meant a 10.7% increase from the month prior. Following this minimal percentage increase, chances for Saxo Bank to recover in the early months of 2020 is expanding.
It should be noted that the forex trading volumes maintained by Saxo Bank in the later months of 2019 don’t match with the 2018 figures. Looking at yearly comparisons, December 2018 saw FX Trading Volumes of $147.6 billion. Subsequently, this means the percentage loss came at 19.4%. This applies to the standardized volumes on a daily usage, which saw an average of $2 billion lost daily throughout December and November in 2019. Throughout 2019, daily volumes were listed at $7 billion.
Additional Details on Saxo’s Public Documents
Not all is lost for Saxo Bank, with the institution seeing some marginal increases in other sectors. This included Fixed Income, which benefited from increased trading volumes through December 2019. There was an average monthly volume increase of 21.4%, with this extending to 32.5% for the yearly comparison. The fixed income volumes came out at $10.2 billion. Equity trading also saw a marginal increase in volumes, with the average amounts listed at $52.3 billion for monthly comparisons. This was an increase of 17% for the month-to-month comparison. However, when looking towards the yearly comparisons, volumes dropped by 41% in the equities trading sector for Saxo Bank.
The documents released by Saxo Bank also indicated the volumes for Commodity Trading. It was anticipated by financial analysts that there’d be a marginal increase for CT Volumes. Unfortunately, monthly comparisons dropped by 11.8%. November saw volumes listed at $32.1 billion, with December listed at $28.3 billion. Saxo Bank determined that the holiday season saw the minimal decline in trading volumes for commodities.