Institutional Spot FX Trading Volume Sees Decline in May, Avg. M-o-M Drops -12.9%

The institutional spot FX trading volumes of major platforms stopped growing throughout May 2024. The average m-o-m comparison is down 12.9% based on what the six major institutions posted, which include Cboe FX, Euronext FX, FxSpotStream, 360T, CME EBS and Saxo Bank. The max. drop comes from Saxo Bank, which is -22.22%. The trading volume details of each are as follows:

Cboe FX

In May 2024, Cboe FX's spot ADV decreased from US$50.02 billion in April to US$42.21 billion, a 15.61% decrease. The year-on-year comparison shows a 3.38% rise from US$40.83 billion of May 2023.

Cboe reported a total of US$43.351 billion global FX volumes over the last month, according to the group's latest statement. The May number is 15.5% lower than that of April, which was US$51.307 billion, but 3.7% higher than May of 2023, which was US$41.807 billion.

Euronext FX

In May 2024, Euronext FX's spot ADV decreased from US$28.67 billion in April to US$25.84 billion, the m-o-m decrease is 9.87%. The year-on-year comparison shows a 19.91% rise from US$21.55 billion of May 2023.

Trading volume of Euronext FX totaled $594,393 million for the month, a decrease of 5.8% compared to $630,803 million in April 2024 and an increase of 19.9% compared to $495,630 million in May 2023.

FxSpotStream

In May 2024, FxSpotStream's spot ADV decreased from US$66.15 billion in April to US$62.43 billion, down 5.62%. The year-on-year comparison shows a 41.6% rise from US$44.09 billion of May 2023.

According to the exchange's latest report up to May 24, the total ADV of May was US$86.38 billion, down 5.99% M-o-M.

360T

In May 2024, 360T's spot ADV decreased from US$29.76 billion in April to US$26.34 billion, a 11.49% m-o-m drop. The year-on-year comparison shows a 2.05% rise from US$25.81 billion of May 2023.

CME EBS

In May 2024, CME EBS's spot ADV decreased from US$61.2 billion in April to US$53.5 billion, down 12.58%. The year-on-year comparison shows a 0.19% rise from US$53.4 billion in May 2023.

Saxo Bank

In May 2024, Saxo Bank's spot ADV decreased from US$4.5 billion in April to US$3.5 billion, down 22.22%. The year-on-year comparison, on the other hand, shows a -38.6% decline from US$5.7 billion in May 2023.

The bank reported a total monthly trading volume of $388.1 billion, 19.6% lower than $482.7 billion in the prior month and 4.6% lower than $407.0 billion in the year-ago month. ADV was $16.9 billion, down 22.8% compared to $21.9 billion in April 2024 and down 4.5% compared to $17.7 billion in May 2023.

More specifically, the trading volume of FX for the period came in at $79.6 billion, a decrease of 19.8% compared to $99.3 billion in the previous month and a decrease of 39.0% compared to $130.5 billion in the same period of last year.