Institutional FX trading volumes pop 9% in March 2023 closing out a strong Q1

The institutional FX trading world continued its strong start to 2023, following up a healthy January and February with an even better March to close out Q1.

Overall, institutional FX trading volumes increased by 9.2% MoM in March 2023, the third consecutive month of volume increases at eFX ECNs. Each of the leading institutional FX houses reported increases including FXSpotStream, EuronextFX, Deutsche Borse’s 360T, and Cboe FX. The good month for FX trading volumes seemed to stem from the active market volatility throughout most of March, which began with some inflation-fueled negativity but ended with a very risk-on feel.

Cboe FX (formerly HotspotFX)

• March 2023 average daily volumes were $48.352 billion, +15.4% from February’s $41.896 billion.

EuronextFX (formerly FastMatch)

• March 2023 ADV $22.66 billion, +10.0% from February’s ADV of $20.61 billion.

FXSpotStream

• FXSpotStream’s ADV MoM (March‘23 vs February’23) increased 6.22% to USD66.768billion.
• FXSpotStream’s ADV YoY (March’23 vs March‘22) decreased 4.77%.
• FXSpotStream’s ADV YTD (Jan-Mar’23) is USD63.467billion, an increase of 1.85% compared to the same period last year.

360T

• Average daily volumes (ADV) at 360T came in at $27.918 billion in March 2023, up 5.2% from February’s $26.54 billion.