Saxo Bank volumes fall 21% in November 2023 as Equity trading slows
Copenhagen based Retail FX and CFDs broker Saxo Bank has reported its client trading metrics for the month of November 2023, indicating a somewhat surprising and severe slowdown in activity.
Despite the fact that Equity indices worldwide were fairly volatile and heading generally upwards during November – usually a good recipe for increased retail trading – Saxo Bank saw Equity trading volumes dive by 33% from October, $198.4 billion versus $297.5 billion. As more than half of Saxo’s trading volumes are comprised of Equity trading, that led to an overall 21% volume decrease during the month, at $362.9 billion versus $462.1 billion in October.
Other than in Equity trading as noted above, Saxo Bank saw mixed results during November 2023 in its major product categories, including:
- FX trading up 5% MoM to $118.6 billion.
- Equities down 33% to $198.4 billion, as noted.
- Commodities down 17% to $35.4 billion.
- Fixed income trading up 9% to $10.6 billion.
Saxo Bank is controlled by China’s Geely Group.