August 2023 Observes an Overall Decrease in Institutional FX Trading Volume

In August 2023, there was an overall decline in institutional FX trading volumes across prominent platforms. A comprehensive report highlighted the Average Daily Volume (ADV) of FX trading volumes from six major venues: Cboe FX, CLS, Euronext FX, FxSpotStream, Refinitiv, and 360T.

Each company reported a decrease in average daily FX trading volumes compared to the previous month. Notably, CLS experienced the highest month-on-month (MoM) decrease with a rate of 10.6 percent, followed closely by Refinitiv with a decline of 10.2 percent. 

FxSpotStream and Cboe FX both demonstrated a MoM decline of 6.6 percent. Additionally, 360T and Euronext FX observed a decrease in average daily FX trading volumes of 3.6 percent and 5.8 percent respectively.

The detailing trading volumes for each venues are as follows:

Cboe FX

In the month of August, Cboe FX experienced a notable surge in trading volume, reaching a substantial figure of $944,437 million. This marked a significant increase compared to the previous month of July 2023, which recorded a trading volume of $922,391 million. Despite this overall growth, the Average Daily Volume (ADV) for August remained relatively stable at $41,062 million, indicating a slight decline from the prior month's ADV of $43,923 million.

CLS

In August 2023, CLS witnessed a significant rise in average daily traded volumes, reaching a staggering USD1.9 trillion. This marked a notable increase of 7 percent compared to August 2022. Moreover, CLS experienced an overall surge in volumes across all instruments during the same period.

Notably, FX forward volumes saw a remarkable spike of 54 percent, while FX spot and FX swap volumes increased by 2.1 percent and 4.3 percent respectively, reaching USD182 billion, USD1.28 trillion, and USD439 billion.

Euronext FX

Total trading volume of Euronext FX was $517,568 million for the month, up 5.1 percent compared to $492,227 million in July 2023 and up 14.4 percent compared to $452,344 million in August 2022.

Average daily trading volume of Euronext FX totaled $22,503 million, down 4.0 percent compared to $23,439 million in last month and up 14.4 percent compared to $19,667 million in the same month of 2022.

FxSpotStream

FXSpotStream experienced a decline in the total average daily volume (ADV) for the month of August 2023, to $60.8 billion, compared to $65.1 billion in July 2023.

The August figure breaks the streak of consistent increase from June to July. The spot ADV value during this period was $48 billion, lower 8.6 percent over $52.5 billion in the previous month.

Refinitiv

Refinitiv recorded the average daily trading volumes (ADV) of $424 billion for the month on its main FX trading services.

Refinitiv' Spot FX volumes came in at $88 billion, 10.2 percent lower than $98 billion in July 2023 and higher than $86 billion in August 2022.

360T

In August 2023, 360T registered an average daily volume of $25.7 billion, reflecting a marginal decrease of 5.5 percent compared to the prior month's figure of $27.2 billion in July 2023.