After a nice pickup in trading activity in June 2026, institutional eFX trading volumes took a not unexpected dip in July. As the usual summer slowdown combined with muted volatility in key currency pairs for most of the month (until the very last days of July), trading volumes ticked down by an average of 5% at the leading institutional FX venues canvassed by FNG.

Each of FXSpotStream, Cboe FX, EuronextFX and Deutsche Borse’s 360T saw month-over-month decreases in trading volumes in July, ranging from 1-8%.

Cboe FX (formerly HotspotFX)

• July 2026 average daily volumes were $56.78 billion, -4.8% from June’s $59.63 billion.

EuronextFX (formerly FastMatch)

• July 2026 ADV $28.16 billion, -7.8% from June’s ADV of $30.53 billion.

FXSpotStream

• July’s Total ADV of USD 158.106 billion represented a 51.70% increase over July 2025, dipping 1.21% MoM, when compared to June 2026.This consisted of USD 112.224 billion in Spot and USD 45.882 billion in other products. Year-to-date, for the period Jan-Jul 2026, FXSpotStream’s overall ADV of USD 155.616 billion marks a 45.10% increase when compared to the same period last year.
  • FXSpotStream’s Total ADV MoM (Jul ‘26 vs Jun ‘26) decreased 1.21%.
  • FXSpotStream’s Total ADV YoY (Jul ‘26 vs Jul ‘25) increased 51.70%.
  • FXSpotStream’s Spot ADV MoM (Jul ’26 vs Jun ‘26) decreased 0.85%.
  • FXSpotStream’s Spot ADV YoY (Jul ‘26 vs Jul ‘25) increased 64.08%.
  • FXSpotStream’s Other ADV MoM (Jul ‘26 vs Jun ‘26) decreased 1.21%.
  • FXSpotStream’s Other ADV YoY (Jul ‘26 vs Jul ‘25) increased 28.05%.

360T

• Average daily volumes (ADV) at 360T came in at $40.39 billion in July 2026, down 4.7% from June’s $42.39 billion.