Closing out the first half year of trading in the institutional FX sphere, each of the leading eFX venues surveyed by FNG reported a slight increase in trading volumes over May, but remained well below earlier-in-the-year record figures.

After seeing a 22% across-the-board decrease in FX trading volumes in May, each of FXSpotStream, Cboe FX, EuronextFX and Deutsche Borse’s 360T reported between 0.6% and 3.6% increases in June 2025, averaging 1.5%. Better than May, but well below March and April’s record figures enjoyed when currency volatility was at a multi-year peak.

Cboe FX (formerly HotspotFX)

• June 2025 average daily volumes were $48.31 billion, +0.7% from May’s $47.97 billion.

EuronextFX (formerly FastMatch)

• June 2025 ADV $27.66 billion, +0.6% from May’s ADV of $27.50 billion.

FXSpotStream

• In June, FXSpotStream’s overall ADV was USD99.792billion an increase of 1.07% MoM. This consisted of a Spot ADV of USD66.913billion and USD32.878billion in other products.
• Year to date, FXSpotStream’s Overall ADV (for the period January-June 2025) is up 28.45% when compared to the same period last year.
• Details of June total volumes can be found below:
  • FXSpotStream’s Total ADV MoM (Jun’25 vs May’25) increased 1.07%
  • FXSpotStream’s Total ADV YoY (Jun’25 vs Jun’24) increased 5.22%
  • FXSpotStream’s Spot ADV MoM (Jun’25 vs May’25) decreased 1.61%
  • FXSpotStream’s Spot ADV YoY (Jun’25 vs Jun’24) decreased 2.69%
  • FXSpotStream’s Other ADV MoM (Jun’25 vs May’25) increased 6.98%
  • FXSpotStream’s Other ADV YoY (Jun’25 vs Jun’24) increased 26.07%

360T

• Average daily volumes (ADV) at 360T came in at $33.89 billion in June 2025, up 3.6% from May’s $32.72 billion.