- Summary:
- Saxo Bank, the giant trading-oriented company, saw its total volume of transactions slipped in August as challenges in the company remain.
Saxo Bank, the giant trading-oriented company, saw its total volume of transactions slipped in August as challenges in the company remain. This decline happened even though August had more trading days than June.
In its monthly report, Saxo Bank said that the total monthly volume dropped to $311 billion from the past $322 billion. The average daily trading volume slipped to $13.6 billion from the previous $15.3 billion. This decline was spread across all asset classes. For example, the monthly commodities volume slipped from $32.3 billion to $29.3 billion.
In addition, the volume of equities dropped from $166 billion to $164 billion while forex monthly volume fell to $109.5 billion. This decline was partially offset by the company’s fixed income volume, which rose from $7.7 billion to $8.5 billion. Still, the total volume in August was significantly higher than the $264 billion it handled in the same month in 2021. That was a 17% year-on-year increase.
Saxo Bank has been making changes to its business in the past few months. For example, recently, it announced that it was revisiong its minimum CFD units in Japan. It also announced that it would end offering MT4 support in Japan. This was a notable announcement since MT4 is the most popular trading software in the world. The company also offers fractional shares in its Japan unit.
Companies in the forex and CFD industry have had a mixed year as volatility in the market remains. For example, a company like Exness has seen its monthly volumes jump to over $2 trillion in the past few months.
Similarly, ATFX’s volume has surged, making it the sixth MT4 broker in the world. IG Group and CMC Markets have also done well recently. Last week, we reported that Admiral Markets volume also rose slightly.