Copenhagen's Saxo Bank has published its group financial results for the month of August, showing a decline in its trading volumes among its most units.
According to the latest figures, the total trading volume for the month came in $264.9 billion, decreasing 14% on a month-to-month basis from July's $309.5 billion. Additionally, the total average daily volume in August was $12 billion, which was lower than July's $14.1 billion.
Saxo Bank reported that the average daily volume for forex trading in August was $4.4 billion and total FX trading volume for the month came in at $96.8 billion. It was the first time that FX trading volume of Saxo Bank dropped below the $100 billion level over that span of 5+ years. The previous low for Saxo was $104.3 billion in May 2021.
Moreover, commodities and equities markets also saw a decline in demand, bringing a total of $34 billion and $126.8 billion in monthly volumes, respectively. Apart from these markets, fixed income market demand increased from the previous month's $6.9 billion to $7.3 billion.
Last month, Saxo Bank has introduced new equity theme basket focusing on the payments industry consisting of 25 old and new companies of high quality.