- Saxo Bank reports a further 4% decline in June 2024 trading volumes, totaling $371.6 billion, following a 20% drop in May.
- Core FX trading volumes hit a multi-year low at $78.1 billion, while equity trading remained stable at $242 billion.
Saxo Bank, a leading Copenhagen-based Retail FX and CFDs broker, has reported a further 4% decline in trading volumes for June 2024, reaching $371.6 billion. This follows a significant 20% drop in May. While equity trading remained stable at $242 billion, the bank’s core FX trading volumes hit a multi-year low at $78.1 billion.
For the first half of 2024, Saxo Bank’s average monthly trading volume was $392 billion, down 2% from $399 billion in 2023. The broker has also halted client onboarding in several countries, including Brazil, Canada, China, Cyprus, Egypt, India, Indonesia, New Zealand, South Africa, Taiwan, and Turkey, a move whose impact on future trading volumes remains to be seen.
Additionally, Saxo Bank has engaged investment bankers to explore a potential sale of the company. The bank’s main shareholders include Chinese conglomerate Geely Group, holding nearly 50%, CEO Kim Fournais with a 28% stake, and Finnish company Mandatum with almost 20%.
