The agreement to exit the China JV is part of operationally separating Geely and Saxo Bank.
Copenhagen based Retail FX and CFDs broker saw a healthy jump in client trading volumes during August 2023, led by Equities.
All of Saxo’s offered traded asset classes saw a decline in activity in July, except Fixed Income.
For the first half of 2023 Saxo Bank averaged $389 billion in monthly trading volume, down by 4% from 2022’s average of $405 billion.
The increase was led by a healthy 31% jump in Equities trading at Saxo Bank in May, to $228.2 billion.
Saxo Bank saw declines in the trading volume of all its asset groups, with core FX pair trading falling to its lowest level since 2021.
March 2023 marks Saxo Bank’s best result since volatility at the outbreak of COVID-19 led to $496.9B in volumes in March 2020.
In 2022 Saxo Bank averaged $405 billion in monthly client trading volume, and so far in 2023 that figure is at $368 billion.
Guotai’s China based client base gain more access to global financial instruments and products, via Saxo Bank’s multi-asset offering.
Leading the decline at Saxo was a 21% slowdown in Equities trading to $219.7 billion, and a 17% decline in FX trading to $115.2 billion.