Saxo Bank Witnesses 13.7% MoM Increase in FX Trading Volume for December 2023

The Copenhagen-based online investment bank Saxo Bank unveiled its trading data for December 2023. The bank reported a total trading volume of $369.5 billion, an increase of 1.8% from November’s $362.9 billion and a decrease of 11.1% from the $415.7 billion recorded last December. An average daily volume (ADV) of $17.6 billion was posted, a month-over-month (MoM) growth of 6.7% from November’s $16.5 billion and a year-on-year (YoY) decline of 6.9% from $18.9 billion in the same period of 2022.

Specifically, FX trading volume totaled $134.8 billion for the month, up 13.7% compared to $118.6 billion in November 2023 and up 11.1% compared to $121.3 billion in December 2022. ADV for FX increased to $6.4 billion from $5.4 billion, an 18.5% increase MoM, and a 16.4% increase compared to $5.5 billion in the same month last year.

Equity turnover for the period was $192.8 billion, down 2.8% from $198.4 billion in the previous month and down 24.6% from $255.7 billion in December 2022. ADV was $9.2 billion, up 2.2% MoM from November’s $9.0 billion and down 20.7% YoY from December 2022’s $11.6 billion.

Commodity turnover for the month was $31.6 billion, down 10.7% from $35.4 billion in November 2023 and up 2.6% from $30.8 billion in December 2022. ADV for commodities was $1.5 billion, a decrease of 6.3% MoM from $1.6 billion in November and an increase of 7.1% YoY from $1.4 billion in December 2022.

Fixed income trading volume in December 2023 was $10.3 billion, down 2.8% from $10.6 billion in the previous month and up 30.4% from $7.9 billion in the same month in 2022. ADV for fixed income increased to $500 million from $400 million, a 25.0% increase YoY and unchanged from November 2023.