Saxo Bank Sees Double-Digit Growth in FX Trading Volume for December 2023

Saxo Bank, the Copenhagen-based online trading and investment specialist, has released its trading data for December 2023, reporting a total trading volume for the last month of the year of $369.5 billion, 1.8% higher than $362.9 billion in the prior month and 11.1% lower than $415.7 billion in the same period of 2022. Average daily volume (ADV) was $17.6 billion, up 6.7% MoM (November 2023: $16.5 billion) and down 6.9% YoY (December 2022: $18.9 billion).

More specifically, FX trading volume for the month totaled $134.8 billion, increasing 13.7% compared to $118.6 billion in November 2023 and increasing 11.1% compared to $121.3 billion in December 2022. ADV of FX rose by 18.5% from $5.4 billion to $6.4 billion on a MoM (month-on-month) basis, an increase of 16.4% compared to $5.5 billion in the year-ago month.

Equities traded for the period came in at $192.8 billion, down 2.8% compared to $198.4 billion in the previously month and down 24.6% compared to $255.7 billion in December of 2022. ADV was $9.2 billion, up 2.2% MoM (November 2023: $9.0 billion) and down 20.7% YoY (December 2022: $11.6 billion).

Trading volume of commodities amounted to $31.6 billion for the month, a decrease of 10.7% compared to $35.4 billion in November 2023 and an increase of 2.6% compared to $30.8 billion in December 2022. ADV of commodities was $1.5 billion, down 6.3% MoM (November 2023: $1.6 billion) and up 7.1% YoY (December 2022: $1.4 billion).

Fixed income trading volume for December 2023 totaled $10.3 billion, dropping 2.8% compared to $10.6 billion in the prior month and rising 30.4% compared to $7.9 billion in the same period of 2022. ADV of fixed income increased by 25.0% from $0.4 billion to $0.5 billion on a YoY (year-on-year) basis, unchanged from that of November 2023.