In our monthly survey of leading institutional eFX trading venues, it looks like October 2023 was very much like September, with average trading volumes increasing month-over-month but just by 0.1%.

Following a fairly strong month of September for FX ECNs, each of the leading institutional FX trading platforms reviewed by FNG saw volumes during October within +/- 4% of last month. Results were mixed with two venues – FXSpotStream and Cboe FX – seeing slight increases in average daily trading during October, while two others, 360T and EuronextFX, reporting slight decreases.

Cboe FX (formerly HotspotFX)

• October 2023 average daily volumes were $46.750 billion, +3.1% from September’s $45.334 billion.

EuronextFX (formerly FastMatch)

• October 2023 ADV $23.081 billion, -3.6% from September’s ADV of $23.953 billion.

FXSpotStream

• October’s Total ADV was USD67.742billion, with Spot ADV of USD52.755billion and Other ADV of USD14.986billion.
• FXSpotStream’s Total ADV MoM (Oct’23 vs Sep’23) increased 2.65%.
• FXSpotStream’s Total ADV YoY (Oct’23 vs Oct’22) decreased 2.01%.
• FXSpotStream’s Spot ADV MoM (Oct’23 vs Sep’23) increased 1.06%.
• FXSpotStream’s Spot ADV YoY (Oct’23 vs Oct’22) decreased 6.77%.
• FXSpotStream’s Other ADV MoM (Oct’23 vs Sep’23) increased 8.71%
• FXSpotStream’s Other ADV YoY (Oct’23 vs Oct’22) increased 19.47%

360T

• Average daily volumes (ADV) at 360T came in at $28.589 billion in October 2023, down 1.9% from September’s $29.134 billion.