For the second consecutive month, trading volumes in institutional FX remained flat in November 2023, with mixed results among the various eFX ECN venues serving institutional clients.
After rising 0.1% in October, average daily trading volume rose 0.4% in November. Two of the top eFX venues surveyed by FNG, FXSpotStream and EuronextFX, reported a slight increase in trading, while Cboe FX and Deutsche Borse’s 360T posted modest declines. But again overall, volumes rose slightly across the sector by 0.4%, despite good volatility in the FX markets during the month.
Cboe FX (formerly HotspotFX)
- Average daily volumes for November 2023 were $45.909 billion, -1.8% from 46.750 billion dollars in October.
EuronextFX (formerly FastMatch)
- November 2023 ADV $24.315 billion, +5.3% from October ADV of $23.081 billion.
FXSpotStream
- November’s Total ADV was FXSpotStream’s highest on record this year, at 70.024 billion dollarswith Spot ADV of USD 53.817 billion and Other ADV of USD 16.207 billion.
- FXSpotStream’s Total ADV MoM (Nov 23 vs Oct 23) rose 3.37%.
- FXSpotStream’s year-to-date total ADV (Nov 23 vs Nov 22) was up 4.09%.
- FXSpotStream’s Spot ADV MoM (Nov 23 vs Oct 23) rose 2.01%.
- FXSpotStream’s YTD Spot ADV (Nov 23 vs Nov 22) was down 0.42%.
- FXSpotStream’s Other ADV MoM (Nov 23 vs Oct 23) rose 8.15%.
- FXSpotStream’s YTD Other ADV (Nov 23 vs Nov 22) rose 22.51%.
360T
- The average daily volume (ADV) at 360 T was reached $27.085 billion in November 2023, down 5.3% from October’s $28.589 billion.