Danish broker Saxo Bank has released its financial report for July 2023, showing an overall decline in client activity.
Monthly trading volume on Saxo Bank's platform decreased by 5% to $371.9 billion in July from $391.7 billion the previous month. At the same time, the decline in trading volume was seen across almost all asset classes offered by the broker. The exception was fixed income instruments, FNG reported.
A breakdown by asset class showed that on a monthly basis, demand for currencies (forex) fell 6% to $112.9 billion, equity trading volume fell 5% to $222.1 billion, and commodities trading fell 8% to $29.6 billion. Meanwhile, demand for fixed-income instruments increased by 11% to $7.3 billion.
It is worth noting that Saxo Bank was recently granted Systemically Important Financial Institution (SIFI) status by the Danish Financial Supervisory Authority (FSA), which demonstrates the company's commitment to ensuring the stability and proper functioning of the financial system. However, this status also implies stricter capital requirements than those of conventional banks.
In addition, in July, the Danish Financial Supervisory Authority asked Saxo Bank to get rid of its cryptocurrency assets, as new regulations for cryptocurrency markets will not come into effect until the end of 2024, leaving this area "unregulated" for the time being. Saxo Bank noted that it has a small stake in crypto assets, so this restriction will not have a significant impact on its business.
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