Institutional FX Trading Volume Witnesses Overall Drop in November

The trading volumes of leading institutional FX and ECN platforms in November 2022 have been revealed, generally showing an overall drop across major markets. So, how did institutional investors and interdealers perform at the over-the-counter markets of the month? Let's read the data.

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 Integral, as shown in the chart below.

The six companies all reported a decrease in average daily FX trading volumes in November 2022 versus October. Overall, Integral has the biggest percent of MoM decrease of 6.8 percent, followed by Refinitiv and CLS both with 4 percent. Cboe FX, FxSpotStream and Euronext FX are showing a MoM decline of 1.9 percent, 3 percent and 1.4 percent respectively.

The detailing trading volumes for each venues are as follows:

​Cboe FX

Cboe FX registered a total volume of $921.3 billion, a month-over-month increase of 2.8 percent compared to $896.5 billion in October 2022. On a yearly basis, the FX trading demand increased by 18.6 percent from last year's $776.5 billion.

The Average daily volume (ADV) for the month reached $41.9 billion, 1.9 percent lower compared to $42.7 billion in the previous month. November had 22 trading days, compared to 21 in October.

CLS

The total average daily traded volume came in at $1.89 trillion, 4% higher than the prior year's 1.812 trillion and 1.86% lower than the prior month's 1.928 trillion.

For the FX forward, its volumes stood at $0.145 trillion, up by 47% on a YoY basis. Compared to November 2021, FX spot and FX swap volumes reached $0.473 trillion and $1.274 trillion, up 1% and 2%, respectively.

Euronext FX

The total volume of Euronext's FX came in at $452,113 million, down 15.1% compared to the prior month's $532,800 million but up 11.4% compared to $405,785 million in the same period of last year. The ADV Euronext FX for October was $21,529 million, decreasing 11.1% compared to $24,218 million of September but increasing 11.4% compared to $19,323 million of last October.

FxSpotStream

FxSpotStream's total trading volume came in at $1.48 trillion, rising from $1.45 trillion in the prior month.

And the total volume went up 31 percent year-over-year. Regarding the average daily volume (ADV), this figure stood at $67 billion, showing 31 percent increase compared to that of last same period, but declining 2.7 percent on a monthly basis.

Refinitiv

Refinitiv's average daily volumes was $96 billion in November 2022, which represents a decline of 4 percent compared to October 2022.

Integral

The customers' average daily volumes (ADV) across Integral platforms totaled $42.6 billion in November 2022​. This represents a decrease of 6.8% compared to October 2022 and a decrease of 15.8% compared to the same period in 2021.