FNG Exclusive… FNG has learned that Copenhagen based Retail FX and CFDs broker Saxo Bank has decided to stop reporting its monthly client trading volume data. The company has also removed all historical trading volume data from its Investor Relations website page.
Saxo Bank began reporting its client trading volumes information on a monthly basis in 2014, stating at the time that it was the first non-public bank or brokerage to publish these figures, demonstrating its dedication to transparency within the financial industry.
FNG approached Saxo Bank about the issue, and was provided the following comment on the matter by an official Saxo Bank spokesperson.
Saxo Bank has made the decision to no longer publish our monthly trading volume statistics on our website. While we understand the interest in these figures, we will continue to provide insights and updates on trends and data in our half-year and full-year financial reports, which are publicly available. This approach ensures that we maintain the high standards of responsibility and transparency, while focusing on providing meaningful and comprehensive information to our stakeholders.
The move coincides with Saxo Bank hiring investment bank Goldman Sachs to pursue an IPO or sale of the company, to provide liquidity to the company’s two main outside shareholders, China’s Geely Group and Finland’s Mandatum Group, both of which have indicated their desire to exit their ownership positions in the company. Saxo Bank attempted an IPO (via SPAC merger) in 2022, which was ultimately abandoned.
We’d also note that Saxo Bank’s latest trading volume data reports were not exactly painting a rosy picture of activity at the company. Following a 20% decline in May, client trading volumes at Saxo Bank continued to fall in June 2024 (the last month they have reported) with total trading coming in at $371.6 billion for the month, down 4% from the previous month. Saxo’s core FX trading volumes fell to a multi-year low in June 2024, totaling $78.1 billion. Saxo Bank posted its first semi-annual loss in several years during 2H-2023, with no growth on its top line. The company has yet to report first half 2024 results.
Saxo Bank began the second half of 2024 by sending a note to its institutional partners that it had made the decision to stop onboarding clients in certain countries, including Brazil, Canada, China, Cyprus, Egypt, India, Indonesia, New Zealand, South Africa, Taiwan, and Turkey, among others.
