Institutional FX Trading Volume Continues Upward Trend, Rises in February 2023

The trading volumes of leading institutional FX and ECN platforms in February 2023 have been revealed, generally showing an overall rise.

The report covers Average Daily Volume (ADV) of institutional FX trading volumes from six major venues, namely Cboe FX, CLS, Euronext FX, FxSpotStream, Refinitiv and 360T, as shown in the chart below.

The six companies all reported an increase in average daily FX trading volumes in February 2023 versus the prior month. Overall, 360T has the biggest percent of MoM increase of 6 percent, followed by Euronext FX and CLS with 5 percent and 4 percent. FxSpotStream, Cboe FX and Refinitiv are showing a MoM rise of 3.6 percent, 2.4 percent and 2 percent respectively.

The detailing trading volumes for each venues are as follows:

Cboe FX

Cboe Spot recorded a total trading volume of $837,915 million for the month, dropping by 7.1% compared to $901,860 million in January 2023 and basically the same as that of February 2022 which amounted to $840,221 million.

The Average Daily Volume (ADV) for February 2023 reached $41,896 million, comparing to $40,994 million in the prior month and $42,011 million in the same period of 2022.

CLS

In February 2023, CLS saw average daily traded volumes of USD1.99 trillion, an increase of 0.5% compared to February 2022. Over the same period, FX forward volumes were up noticeably by 27%, FX swap volumes increased by 1%, while FX spot volumes decreased by 6% to USD484 billion.

Euronext FX

The total volume of Euronext's FX recorded $412,193 million, a decrease of 4.6% compared to $432,221 million in January 2023 and a decrease of 17.6% compared to $500,193 million in February 2022.

The ADV Euronext FX for the month was $20,610 million, increasing 4.9% compared to $19,646 million in the prior month and decreasing 17.6% compared to $25,010 million in the same period of 2022.

FxSpotStream

In February 2023, FXSpotStream's total trading volume decreased by 5.7% from $1,332,535 million in January 2023 to $1,257,133 million, comparing to  $1,262,691 million in February 2022.

The average daily volume (ADV) amounted to $62,857 million in the month, an increase of 3.8% compared to $60,570 million in the prior month and a decrease of 0.4% compared to $63,135 million in the same period of last year.

Refinitiv

Refinitiv reported an average daily volume (ADV) of $459 billion in FX trading in February 2023​. This was a slight increase from $455 billion in January 2023 and a modest decrease from $470 billion in February 2022.

The spot FX volumes increased by 2% month-on-month to $102 billion in February 2023 but decreased by 1% year-on-year. The other transaction types also increased slightly month-on-month to $357 billion in February 2023 but decreased by 3% year-on-year.

360T

360T's average daily volumes was $26.5 billion in February 2023, which represents an increase of 6 percent compared to $25 billion in January 2023.