Institutional FX trading volumes flat in November 2023 as ECNs see mixed results
For the second month in a row, institutional FX trading volumes were flat in November 2023, with mixed results among the various eFX ECN venues serving institutional clients.
Following October’s 0.1% increase, average daily trading volumes inched up another 0.4% in November. Two of the leading eFX venues surveyed by FNG, FXSpotStream and EuronextFX, each reported a slight uptick in trading, while Cboe FX and Deutsche Borse’s 360T saw a modest drop. But again overall, volumes moved up slightly in the sector by 0.4%, despite some nice volatility in the currency markets during the month.
Cboe FX (formerly HotspotFX)
- November 2023 average daily volumes were $45.909 billion, -1.8% from October’s $46.750 billion.
EuronextFX (formerly FastMatch)
- November 2023 ADV $24.315 billion, +5.3% from October’s ADV of $23.081 billion.
FXSpotStream
- November’s Total ADV was FXSpotStream’s highest on record this year, at USD70.024billion, with Spot ADV of USD53.817billion and Other ADV of USD16.207billion.
- FXSpotStream’s Total ADV MoM (Nov’23 vs Oct’23) increased 3.37%.
- FXSpotStream’s Total ADV YoY (Nov’23 vs Nov’22) increased 4.09%.
- FXSpotStream’s Spot ADV MoM (Nov’23 vs Oct’23) increased 2.01%.
- FXSpotStream’s Spot ADV YoY (Nov’23 vs Nov’22) decreased 0.42%.
- FXSpotStream’s Other ADV MoM (Nov’23 vs Oct’23) increased 8.15%.
- FXSpotStream’s Other ADV YoY (Nov’23 vs Nov’22) increased 22.51%.
360T
- Average daily volumes (ADV) at 360T came in at $27.085 billion in November 2023, down 5.3% from October’s $28.589 billion.