Institutional FX trading remained somewhat sluggish in May 2026, with industry trading volumes ticking up 2% from what was a very slow April 2026. As a reminder, April volumes declined by 24% from March levels.

Each of FXSpotStream, Cboe FX, EuronextFX and Deutsche Borse’s 360T saw very little volume change (i.e. between 1-4%) in either direction during May, with all but EuronextFX posting slight volume increases for the month.

Cboe FX (formerly HotspotFX)

• May 2026 average daily volumes were $54.86 billion, +1.9% from April’s $53.85 billion.

EuronextFX (formerly FastMatch)

• May 2026 ADV $28.07 billion, -0.8% from April’s ADV of $28.30 billion.

FXSpotStream

• May’s Total ADV of USD 148.372 billion saw a 4.24% increase MoM when compared to April’s ADV. This consisted of USD 105.328 billion in Spot and USD 43.045 in other products. Year-to-date, for the period Jan-May, FXSpotStream’s overall ADV of USD 154.156 billion represents a 41.68% increase compared to the same period last year.
  • FXSpotStream’s Total ADV MoM (May ‘26 vs Apr ‘26) increased 4.24%
  • FXSpotStream’s Total ADV YoY (May ‘26 vs May ‘25) increased 50.27%
  • FXSpotStream’s Spot ADV MoM (May ’26 vs Apr ‘26) increased 5.31%
  • FXSpotStream’s Spot ADV YoY (May ‘26 vs May ‘25) increased 54.88%
  • FXSpotStream’s Other ADV MoM (May ‘26 vs Apr ‘26) increased 1.72%
  • FXSpotStream’s Other ADV YoY (May ‘26 vs May ‘25) increased 40.06%

360T

• Average daily volumes (ADV) at 360T came in at $39.86 billion in May 2026, up 2.2% from April’s $39.00 billion.