Saxo Bank Halts Client Trading Volume Reports

Saxo Bank halts monthly client trading volume reports, aligning with IPO plans and strategic operational changes.

Key Points

• Reports Halted: Saxo Bank stops monthly trading volume reports and removes historical data from its website.
• IPO Plans: With Goldman Sachs assisting, the change supports Saxo Bank’s plans to explore an IPO or sale.
• Trading Decline: The decision follows a 20% drop in trading volumes and the company’s first semi-annual loss in years.

Saxo Bank has announced it will cease reporting client trading volumes monthly and remove historical data from its Investor Relations website. This move represents a substantial shift in the company’s approach to transparency, a hallmark of its reporting practices since 2014.

Saxo Bank‘s decision to halt these reports aligns with its current strategic initiatives, including plans for an Initial Public Offering (IPO) or a potential sale of the company. The company has enlisted Goldman Sachs to aid in these efforts, aiming to provide liquidity to its major external shareholders, Geely Group of China and Mandatum Group of Finland, seeking to exit their investments in Saxo Bank.

Saxo Bank Halts Client Trading Volume Reports

Previously, Saxo Bank‘s commitment to transparency was evident through its monthly trading volume reports, designed to set new industry standards for openness. These reports offered valuable insights into the company’s trading activities and were a testament to its dedication to financial transparency.

In a recent statement, a Saxo Bank spokesperson explained the rationale: “Saxo Bank has decided 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 high responsibility and transparency standards while providing meaningful and comprehensive information to our stakeholders.”

The timing of this change is notable, as it coincides with the company’s efforts to explore an IPO or sale. Saxo Bank had previously pursued an IPO through a SPAC merger in 2022 but eventually abandoned the effort. The decision to stop reporting trading volumes follows a period of declining trading activity. Recent reports revealed a 20% drop in client trading volumes in May, with a further decrease in June 2024, where total trading volumes stood at $371.6 billion—a 4% decline from the previous month. Core FX trading volumes hit a multi-year low of $78.1 billion in June.

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