Institutional FX begins 2025 strong with trading volumes +16%
Institutional FX trading venues began 2025 on a very strong note, with trading volumes rising nicely across the board.
Driven by heightened FX volatility ahead of Donald J. Trump’s inauguration mid-month, and as the new Trump administration began its work at the end of January, each of FXSpotStream, Cboe FX, 360T, and EuronextFX posted double digit percent trading volume increases in January 2025.
Cboe FX (formerly HotspotFX)
- January 2025 average daily volumes were $47.45 billion, +15.8% from December’s $40.98 billion.
EuronextFX (formerly FastMatch)
- January 2025 ADV $27.73 billion, +15.4% from December’s ADV of $24.03 billion.
FXSpotStream
- In January, FXSpotStream registered an overall ADV of USD101.234 billion, just 0.7% behind its current overall ADV record set in September 2024. In terms of overall volume supported however, January’s total volume of USD2.227trillion is a new high on the Service. January’s ADV consisted of a Spot ADV of USD72.845billion and USD28.389billion in other products, including a new ADV high in NDFs. Details of our January total volumes can be found below.
- FXSpotStream’s Total ADV MoM (Jan’25 vs Dec’24) increased 9.96%.
- FXSpotStream’s Total ADV YoY (Jan’25 vs Jan’24) increased 37.46%.
- FXSpotStream’s Spot ADV MoM (Jan’25 vs Dec’24) increased 17.07%.
- FXSpotStream’s Spot ADV YoY (Jan’25 vs Jan’24) increased 33.08%.
- FXSpotStream’s Other ADV MoM (Jan’25 vs Dec’24) decreased 4.86%.
- FXSpotStream’s Other ADV YoY (Jan’25 vs Jan’24) increased 50.19%.
360T
- Average daily volumes (ADV) at 360T came in at $34.54 billion in January 2025, up 22.7% from December’s $28.14 billion.