Saxo Bank Reports 21.5% MoM Decline in Total Trading Volume for November 2023

Saxo Bank, the Copenhagen-based online trading and investment specialist, has updated its client trading data for November 2023, recording the total trading volume for the month of $362.9 billion, 21.5% lower than $462.0 billion in the prior month and 20.8% lower than $458.4 billion in the year-ago month. Average daily volume (ADV) was $16.5 billion, compared to $21.0 billion in October 2023 and $20.8 billion in November 2022.

More specifically, FX trading volume for the month totaled $118.6 billion, up 5.4% compared to $112.5 billion in the previous month but down 14.1% compared to $138.0 billion in November of 2022. ADV of FX rose by 5.9% from $5.1 billion to $5.4 billion on a month-on-month (MoM) basis, a decrease of 14.3% compared to $6.3 billion in the same period of last year.

Equities traded for the period came in at $198.4 billion, dropping 33.3% compared to $297.5 billion in October 2023 and dropping 28.9% compared to $278.9 billion in November 2022. ADV came in at $9.0 billion, compared to $13.5 billion in the prior month and $12.7 billion in the same period of 2022.

Trading volume of commodities amounted to $35.4 billion for the month, a decrease of 16.5% compared to $42.4 billion in October 2023 and an increase of 10.3% compared to $32.1 billion in November 2022. ADV of commodities was $1.6 billion, compared to $1.9 billion in the prior month and $1.5 billion in last November.

Fixed income trading volume for November 2023 totaled $10.6 billion, up 9.3% MoM (October 2023: $9.7 billion) and up 12.8% YoY (November 2022: $9.4 billion). ADV of fixed income was $0.5 billion, compared to $0.4 billion in the prior month and $0.4 billion in November 2022.