Saxo Bank's February 2024 Trading Volume Drops to Lowest Level in 17 Months

Saxo Bank, the Copenhagen-based online trading and investment specialist, has updated its trading data for February 2024, unveiling a total trading volume of $358.3 billion. This marks the lowest level in 17 months since September 2022, with a decrease of 4.6% compared to the previous month's $375.5 billion and a slight decline from the year-ago period's $359.8 billion. Average daily volume (ADV) for the month was $17.1 billion, 5.0% lower than $18.0 billion in February 2023, unchanged compared to that of January this year.

More specifically, FX trading volume for the period came in at $92.4 billion, dropping 13.4% compared to $106.7 billion in the prior month and dropping 16.6% compared to $110.8 billion in the same period of last year. ADV of FX was $4.4 billion, down 10.2% on a month-on-month basis (MoM) (Jan. 2024: $4.9 billion) and down 20.0% on a year-on-year basis (YoY) (Feb. 2023: $5.5 billion).

Equities traded for the month amounted to $217.4 billion, falling slightly compared to $219.7 billion in the previous month but rising 4.5% compared to $208.0 billion in February of last year. ADV rose by 4.0% from $10.0 billion in January this year to $10.4 billion, unchanged YoY.

The trading volume of commodities totaled $39.0 billion, an increase of 18.5% compared to $32.9 billion in the year-ago period and basically unchanged compared to $39.3 billion in the prior month. ADV was $1.9 billion, up 5.6% compared to $1.8 billion in Jan. 2024 and up 18.8% compared to $1.6 billion in Feb. 2023.

Fixed income trading volume for February 2024 rose by 15.8% from $8.0 billion in the same period of last year to $9.5 billion, falling 3.1% compared to $9.8 billion in the previous month. ADV of fixed income stood at $0.5 billion for the period, increasing 25.0% compared to $0.4 billion both in Feb. 2023 and Jan. 2024.