After Iran war induced volatility in the financial markets led to record institutional FX trading volumes in March, April 2026 saw a return to earth (and regular activity) in the institutional FX sector, as volumes cooled from the previous month.

Each of FXSpotStream, Cboe FX, EuronextFX and Deutsche Borse’s 360T saw month-over-month trading volume declines of between 18-29%, with the average volume decrease in April coming in at 24%.

Cboe FX (formerly HotspotFX)

• April 2026 average daily volumes were $53.85 billion, -27.7% from March’s $74.46 billion.

EuronextFX (formerly FastMatch)

• April 2026 ADV $28.30 billion, -28.7% from March’s ADV of $39.71 billion.

FXSpotStream

• Following the highs of March, April saw a slight dip in terms of ADV from a MoM perspective, while FSS continued to show strong growth YoY. April’s overall ADV of USD 142.333 billion represented a 16.64% increase YoY, when compared to April 2025, down 18.01% compared to last month’s ADV record. Similarly, April’s Spot ADV of USD 100.017 billion was up 9.41% YoY, down 21.81% MoM. YTD, FXSpotStream’s overall ADV of USD 155.585 billion represents a 39.65% increase over the same period last year (Jan-Apr).
  • FXSpotStream’s Total ADV MoM (Apr ‘26 vs Mar ‘26) decreased 18.01%
  • FXSpotStream’s Total ADV YoY (Apr ‘26 vs Apr ‘25) increased 16.64%
  • FXSpotStream’s Spot ADV MoM (Apr ’26 vs Mar ‘26) decreased 21.81%
  • FXSpotStream’s Spot ADV YoY (Apr ‘26 vs Apr ‘25) increased 9.41%
  • FXSpotStream’s Other ADV MoM (Apr ‘26 vs Mar ‘26) decreased 7.37%
  • FXSpotStream’s Other ADV YoY (Apr ‘26 vs Apr ‘25) increased 38.24%

360T

• Average daily volumes (ADV) at 360T came in at $39.00 billion in April 2026, down 20.3% from March’s $48.92 billion.