Danish broker Saxo Bank recorded a further decline in client trading volumes in June 2024.

Total trading volume for the month totaled $371.6 billion, down 4% from $386.5 billion in May.

The breakdown showed that equity trading remained flat at $242.4 billion compared to the previous month. Meanwhile, currency trade fell to a multi-year low of $78.1 billion, down 2% from May. Commodity trade fell 26% to $41.9 billion and fixed income trade fell 11% to $9.2 billion.

For the first half of 2024, Saxo Bank's monthly trading volume averaged $392 billion, down 2% from an average of $399 billion in 2023.

Earlier this week, Saxo Bank announced to its institutional partners that it will stop accepting clients from several countries, including Brazil, Canada, China, Cyprus, Egypt, India, Indonesia, New Zealand, South Africa, Taiwan and Turkey. The impact of this decision on future trade volumes will be seen in the coming months.

This strategic decision and reduced trading volumes reflect the challenges faced by Saxo Bank in a competitive market. The discontinuation of clients in certain countries and the potential sale of the company point to significant changes to come.