Institutional FX Trading Volume Rose for the Third Consecutive Month in March 2023

The trading volumes of leading institutional FX and ECN platforms in March 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 March 2023 versus the prior month. Overall, Cboe has the biggest percent of MoM increase of 15.5 percent, followed by Euronext FX and CLS with 10.2 percent and 6.6 percent. FxSpotStream, 360T and Refinitiv are showing a MoM rise of 6.4 percent, 5.3 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 $1,112,090 million for the month, compared to $837,915 million in February 2023​. The Average Daily Volume (ADV) for March 2023 reached $48,352 million, up 15.5 percent compared to $41,896 million in the prior month.

CLS

In March 2023, CLS saw average daily traded volumes of USD 2.12 trillion, a slight decrease of 0.2 percent compared to March 2022. Over the same period, FX forward volumes were up noticeably by 23.8%, FX swap volumes remained the same, while FX spot volumes decreased by 6.3% to USD 0.516 trillion.

Euronext FX

Total volume of Euronext's FX for the month recorded $521,214 million​, an increase of 26.4% compared to $412,193 million in February 2023 and a decrease of 13.2% compared to $600,615 million in March 2022.

ADV of Euronext FX came in at $22,661 million, 10.0% higher than $20,610 million in the prior month and 13.2% lower than $26,114 million in the same period of last year.

FxSpotStream

In February 2023, FXSpotStream had a total volume figure of $1.536 trillion​, compared with February's $1.257 trillion. The total figure in the month increased by 22 percent when compared with the previous month, while on a year-on-year basis it decreased by 4.8 percent.

The average daily volume (ADV) for March 2023 came in $66.8 billion, which is an increase of 6.2 percent on a monthly basis. On a yearly basis, ADV declined by 4.8 percent compared to the same period last year.

Refinitiv

The FX trading volumes across Refinitiv Matching and FXall platforms saw a 3.3% rise from $459 billion in the prior month and a 3.3% drop compared with $490 billion in the same period of last year.

Refinitiv' Spot FX volumes, partly owned by Thomson Reuters, amounted to $104 billion​, 2.0% higher than $102 billion in February 2023 and 7.1% lower than $112 billion in March 2022.

360T

360T's average daily volume was $27.9 billion in March 2023, which represents an increase of 5.2 percent compared to $26.5 billion in February 2023.