After a quiet period, the demand for forex instruments surged on Saxo Bank in April.
According to recent data, the monthly volume of forex instruments on the platform reached $99.3 billion last month, with a daily average of $4.5 billion.
This rebound follows Saxo’s lowest monthly volume since 2016 in March, handling only $85.1 billion, marking a 7.9 percent drop in a month and a significant 45.3 percent decrease year-over-year.
In April, FX volume recovered by over 16.6 percent compared to the previous month, but still saw a 3.4 percent decline year-over-year. Despite this recovery, the latest figure remains below the levels seen in recent years.
The FX daily average also saw an improvement, rising to $4.5 billion, up from $4.1 billion in March and $4.4 billion in February.
On another front, equities experienced a notable surge in demand, reaching a monthly volume of $303.7 billion, marking a month-over-month increase of approximately 27 percent and a staggering 74 percent rise year-over-year.
This represents a record high for monthly equity volumes.
The daily average for equities stood at $13.8 billion in April, compared to $11.4 billion in March 2024 and $8.7 billion in April 2023.
Headquartered in Denmark, Saxo Bank, founded in 1992 as a brokerage, rebranded to its current name in 2001 upon obtaining a banking license.
Apart from forex and equities, the company provides trading services for commodities and fixed-income instruments.
While it offers contracts for differences (CFDs) for cryptocurrencies in some Asia-Pacific markets, those volumes are not disclosed.
The monthly demand for commodities also saw an uptick to $70.7 billion from the previous month’s $44.1 billion.
However, fixed income experienced a slight decline in monthly volume to $9 billion from $9.3 billion.
The increased demand for equities and forex led to an overall monthly volume on Saxo of $482.7 billion, marking a 27.8 percent month-over-month increase and a significant 52.4 percent rise year-over-year.
Meanwhile, Saxo Bank is reportedly considering selling either a minority or majority stake at a valuation ranging between EUR 1.5 billion and EUR 2 billion.
Earlier attempts to go public via a SPAC deal fell through for the Danish broker.