Saxo Bank continues slow start to 2023, Feb trading volumes -4%
Copenhagen based Retail FX and CFDs broker Saxo Bank continued its very slow start to 2023, reporting a third consecutive month of declining client trading volumes (dating back to November 2022).
Total multi-asset volumes at Saxo Bank came in at $359.8 billion for February 2023, down 4.2% from January’s $375.6 billion – and marking Saxo’s slowest month since August 2022.
In 2022 Saxo Bank averaged $405 billion in monthly client trading volume, and so far in 2023 that figure is at $368 billion, down 9% from the previous year.
The declines were fairly mild, but consistent, across Saxo Bank’s key product categories, with FX trading down 3.8% MoM in February to $110.8 billion, and Equities trading off 5.3% to $208.0 billion. Both Commodities and Fixed Income product trading were flat in February, at $32.9 billion and $8.0 billion, respectively.
We reported in mid January that Saxo Bank is eyeing a traditional IPO in its home market (Nasdaq Copenhagen) following its failed attempt last year to go public via a SPAC merger. However a decline in trading activity, if it continues, would certainly harm that effort, and/or lead to a lower valuation for the company, whose largest shareholders seeking to exit are China’s Geely Group and Finland’s Sampo.