As the first month of 2022 passed very quickly, firms were eager to show their performance for the first month. The Denmark-based investment bank, Saxo, has posted some positive statistics for January. It appears that the bank has recovered from the dips it experienced as it was closing last year. The numbers show a great hike in January before witnessing a slight stumble as the month ended. But it was speculated to not have had any deeper impacts on its value.
The Danish investment bank was established in 1992 as a brokerage firm under a different name, that is Midas. After nearly a decade in operation, the firm obtained a banking license and became the well-known Saxo Bank. This name has consistently been relevant in the forex market for over decades now. The bank also deals in equities and cryptocurrencies. Read this unbiased and comprehensive Saxo Bank broker review to know why you must choose it for your trading needs.
The bank faced a slight stumble as it was closing the ledgers for 2021. But it was not very deep, and the bank made up for it in the month itself with a 21% month-over-month increase. The increase in demand has proven positive for the firm’s volumes. In January, the bank posted a total monthly volume of 438 billion dollars with a whopping daily average of 21 billion dollars. There was a significant increase in the yearly volume of the bank as well.
While the firm posted a 21% growth in the trading volume than its number from December, the yearly boost soared well over 55%. As per the year-on-year reports, the daily average hiked 31.1% monthly and 48.2% yearly. The erupting numbers resulted in a demand for all the asset classes listed by Saxo Bank. Forex trading for January reached nearly 109 billion dollars which is a 13% growth from its numbers in December 2021. However, the positive aura was gone when the firm lost nearly 9% after January in the forex market.
It must be noted that the numbers in forex are nowhere close to 5.9 billion in January 2021, despite being on the positive side. However, the demand for equities products tripled the monthly volume in January. The staggering 291 billion dollars surpassed the 233 billion in December and the 123 billion in January 2021. In the commodities market, the bank posted an 18% monthly growth, and other fixed-income assets have also received a 15% increase. However, the bank’s involvement in these aspects is not as significant as forex or equities.
Although Saxo Bank does not release monthly reports on crypto, the demand for them seems to be high. Earlier, the bank reported a $2.5 billion growth in crypto from May till October in 2021. The bank primarily offers its crypto services and products to clients in Singapore and Australia.