Saxo Bank Discontinues Monthly Trading Volume Reports

Copenhagen-based retail FX and CFDs broker Saxo Bank has decided to discontinue its practice of reporting monthly client trading volumes and has removed all historical trading volume data from its Investor Relations website.

The decision marks a significant shift for the company, which began publishing these figures in 2014 as part of its commitment to transparency. At the time, Saxo Bank was the first non-public bank or brokerage to provide such detailed trading volume data, setting a new standard in the financial industry.

This move comes at a time when Saxo Bank is exploring significant structural changes, including hiring investment bank Goldman Sachs to assist in pursuing an initial public offering (IPO) or a sale of the company.

The goal is to provide liquidity to the bank's two main external shareholders, China's Geely Group and Finland's Mandatum Group, both of whom have expressed a desire to exit their investment. Saxo Bank had previously attempted an IPO via a SPAC merger in 2022, which was ultimately abandoned.

Recent trading volume reports from Saxo Bank showed a decline in activity, with a 20% drop in May followed by a 4% decrease in June 2024. The company's core FX trading volumes fell to a multi-year low of $78.1 billion in June 2024. Furthermore, Saxo Bank reported its first semi-annual loss in several years for the second half of 2023, with no growth on its top line. The company has yet to report its results for the first half of 2024.