Saxo Bank's Total Trading Volume Down 21.5% MoM While FX Volume Up 5.4% MoM in November

Saxo Bank, the Copenhagen-based online trading and investment specialist, has updated its client trading data for November 2023, with total volume for the month at $362.9 billion, 21.5% lower than the previous month's $462 billion and 20.8% lower than $458.4 billion recorded in the same month last year. Average daily volume (ADV) was $16.5 billion, compared to $21.0 billion in October 2023 and $20.8 billion in November 2022.

Specifically, the volume of FX trading for the month was $118.6 billion, an increase of 5.4% compared to $112.5 billion in the previous month, but a decrease of 14.1% compared to the November 2022 figure of $138.0 billion. On a month-over-month (MoM) basis, the FX ADV increased by 5.9% to $5.4 billion from $5.1 billion and decreased by 14.3% compared to $6.3 billion in the same period last year.

The trading volume of equities during the period was $198.4 billion, a decrease of 33.3% compared to $297.5 billion in October 2023 and a decrease of 28.9% compared to $278.9 billion in November 2022. The ADV was $9 billion, compared to $13.5 billion last month and $12.7 billion in the same period of 2022.

The trading volume of commodities for the month was $35.4 billion, down 16.5% from $42.4 billion in October 2023 and up 10.3% from $32.1 billion in November 2022. The ADV of commodities stood at $1.6 billion as against $1.9 billion in the previous month and $1.5 billion in November last year.

Fixed income volumes totaled $10.6 billion in November 2023, up 9.3% month-over-month from October 2023’s $9.7 billion and 12.8% year-over-year from November 2022’s $9.4 billion. ADV of fixed income was $0.5 billion, compared with $0.4 billion in the previous month and $0.4 billion in November 2022.