Institutional FX Trading Volume Declined in April After Months-Long Surge

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

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 a decrease in average daily FX trading volumes in April 2023 versus the prior month. Overall, Cboe has the biggest percent of MoM decrease of 17.9 percent, followed by FxSpotStream and CLS with 17.2 percent and 16.8 percent. 360T, Euronext FX and Refinitiv are showing a MoM decline of 16.1 percent, 13.2 percent and 7.7 percent respectively.

The detailing trading volumes for each venues are as follows:

​Cboe FX

Cboe Spot reported a total trading volume of $793,218 million for the month, compared to $1,112,090 million in March 2023. The Average Daily Volume (ADV) for April 2023 reached $39,661 million, down 17.97 percent compared to $48,352 million in the prior month.

CLS

In April 2023, CLS saw average daily traded volumes of USD1.93 trillion, an increase of 4% compared to April 2022. Over the same period, FX forward volumes were up noticeably by 30.4%, FX swap volumes increased by 6.8%, while FX spot volumes decreased by 9.9% to $429 billion.

Euronext FX

Total volume of Euronext's FX for the month recorded $393,853 million​, a decrease of 24.4% compared to $521,214 million in March 2023 and a decrease of 23.9% compared to $517,292 million in April 2022.

ADV of Euronext FX came in at $19,693 million, 13.1% lower than $22,661 million in the prior month and 20.1% lower than $24,633 million in the same period of last year.

FxSpotStream

In April 2023, FXSpotStream had a total volume figure of $1.106 trillion, compared with March's $1.536 trillion. The average daily volume (ADV) for April 2023 came in $55.3 billion, which is a decrease of 17.2 percent on a monthly basis. On a yearly basis, ADV declined by 9.7 percent compared to the same period last year.

Refinitiv

The averaging daily volumes (ADV) of currency trading came in at $459 billion in April on Refinitiv’s main FX trading services.

Refinitiv' Spot FX volumes amounted to $96 billion​, a decrease of 7.7 percent compared to $104 billion in March 2023 and a decrease of 5.9% compared to $102 billion in April 2022.

360T

360T's average daily volume was $23.4 billion in April 2023, which represents a decrease of 16.1 percent compared to $27.9 billion in March 2023.