Institutional Spot FX ADV in October 2023 See Mixed Results

The institutional spot FX average daily volume of major platforms declined overall in October 2023. Among the six major institutions, only Cboe FX and FxSpotStream reported an increase in their spot FX average daily volume (ADV), while CLS, Euronext FX, 360T, and Moscow Exchange saw a decrease month-on-month. Refinitiv's data was excluded from this month.

Euronext FX saw the largest drop in its ADV, falling by 3.63% compared with September, while CLS recorded the smallest decline, at 0.81%.

The details of the trading volumes of each institution are as follows:

​Cboe FX

In October 2023, Cboe FX's spot ADV increased from US$45.33 billion in September to US$46.75 billion, achieving a 3.13% increase, which is also higher than the same month of last year, which was 42.7 billion.

Its total trading volume reached $1.02 trillion in October 2023, 8.5 percent higher over September 2023's $952 billion. On a yearly basis, the figure increased 15 percent against $896 billion in October 2022.

CLS

In October 2023, CLS's spot ADV saw a decline from US$495 billion in September to US$491 billion, the m-o-m decrease is 0.81%.

But for total FX trading, the group saw average daily traded volumes of USD2.0 trillion, an increase of 3.6% compared to October 2022. Over the same period, FX forward volumes were up significantly by 57.8%, FX spot volumes increased by 0.6% and FX swap volumes decreased by 0.5%.

Euronext FX

In October 2023, Euronext FX's spot ADV decreased as well, dropping from US$24 billion in September to US$23.08 billion, the m-o-m decrease is 3.63%.

But, the total trading volume of Euronext FX reached $507,790 million for the month, slightly increasing 0.9% compared to $503,013 million in the prior month and increasing 12.3% compared to $452,113 million in the same period of 2022.

Total trading volume of futures reached 4,988,352 lots, down 2.5% MoM (September 2023: 5,116,738 lots) and down 5.7% YoY (October 2022: 5,291,238 lots).

FxSpotStream

In October 2023, FxSpotStream's spot ADV increased moderately from US$52.2 billion in September to US$52.76 billion, achieving an 1.07% growth.

The total ADV records the highest monthly ADV in the first ten months of this year with $67.7 billion in October, 2.7% higher than $65.9 billion in September 2023 but 2.0% lower than $69.1 billion in October 2022.

The total trading volume on the FXSpotStream platform rose by 8.0% from $1.38 trillion to $1.49 trillion on a month-on-month basis, an increase of 2.8% compared to $1.45 trillion in October of 2022.

360T

In October 2023, 360T's spot ADV bounced decreased from US$29.13 billion in September to US$28.59 billion, a 1.85% m-o-m decline. Compared with October 2022's ADV of US$237.8 billion, however, it achieved a 20.24% year-on-year increase.

Moscow Exchange

In October 2023, the exchange's spot ADV saw a decline too, decreased from US$15.92 billion in September to US$15.4 billion, the decline is 3.27%.

On the other hand, the exchange reported the total trading volumes across its markets of RUB 135.5 trillion (US$1.53 trillion) this month, a significant increase of 89.0% compared to RUB 71.7 (US$810 billion) in October 2022.