Institutional FX trading volumes slow (again) -1% in November 2022
Following a record September amid near-record volatility in major FX pairs, trading volumes at leading institutional eFX venues have slowed for the second consecutive month in November 2022.
October saw FX trading volumes drop by about 9% MoM at leading ECNs, and now November seems to have been another (relatively) weak month, with volumes down on average just slightly about 1% from October.
Three of the four leading institutional FX ECNs surveyed by FNG – Cboe FX, EuronextFX, and FXSpotStream – saw trading volumes fall between 2-3% MoM in October, while Deutsche Borse’s 360T helped reverse the trend a little with a somewhat surprising 4% increase. However that followed a 13% drop in October volumes at 360T, the largest decline in the group last month.
We would also note that 2022 trading volumes remain well above 2021 levels at all the aforementioned ECNs.
Cboe FX (formerly HotspotFX)
- November 2022 average daily volumes were $41.88 billion, -1.9% from October’s $42.67 billion.
EuronextFX (formerly FastMatch)
- November 2022 ADV $21.08 billion, -2.1% from October’s ADV of $21.53 billion.
- FXSpotStream’s ADV YoY (November’22 vs November‘21) increased 30.53% to USD67.275billion.
- FXSpotStream’s ADV MoM (November‘22 vs October’22) decreased 2.68%.
- FXSpotStream’s Overall Volume YoY (November‘22 vs November‘21) increased 30.53% to USD1.480trillion.
- FXSpotStream’s ADV YTD (Jan-Nov’22) is USD64.094billion, an increase of 30.99% compared to the same period last year.
- Average daily volumes (ADV) at 360T came in at $24.79 billion in November 2022, up 4.2% from October’s $23.78 billion.