Institutional Spot FX Trading Volumes in December 2023 Shows Slight Decline

The institutional spot FX trading volume of major platforms begins to see a downward trend in December 2023. Out of the six major institutions, CLS is still yet to disclose its December numbers as of January 29. Month-on-month declines of spot average daily volume are observed by Cboe FX, FxSpotStream, and CME EBS, with 360T and Euronext FX being exceptions. Saxo Bank is put in the article this month, which shows a considerable growth from the previous month in terms of spot ADV.

In terms of year-on-year growth, except for CME EBS, there was a relatively large increase across the board. The trading volume details of each are as follows:

Cboe FX

In December 2023, Cboe FX's spot ADV decreased from US$45.91 billion in November to US$44.54 billion, a 2.98% decrease, but the year-on-year comparison shows a 26.75% rise from US$35.14 billion of December 2022.

In addition, the platform records a trading volume of $$890.45 billion this month, up 15.2% compared to $773.08 billion in December 2022 and down 11.8% compared to $1,009.99 billion in November 2023.

CLS

Yet to disclose.

Euronext FX

In December 2023, Euronext FX's spot ADV increased from US$24.32 billion in November to US$24.48 billion, the m-o-m increase is 0.66%. The year-on-year comparison shows a 36.45% rise from US$17.94 billion of December 2022.

Trading volume of Euronext FX totaled $489,610 million for the month, 8.5% lower than $534,940 million in November 2023 and 24.1% higher than $394,561 million in December 2022.

FxSpotStream

In December 2023, FxSpotStream's spot ADV decreased from US$53.82 billion in November to US$49.21 billion, an 8.57% drop. The year-on-year comparison, however, shows an 8.44% rise from US$45.38 billion of December 2022.

The ADV on the platform totaled $64.8 billion for the month, decreasing 7.4% compared to $70.0 billion in November 2023, but increasing 12.5% compared to $57.6 billion in December 2022.

360T

In December 2023, 360T's spot ADV increased from US$27.09 billion in November to US$27.69 billion, a 2.21% m-o-m growth. The year-on-year comparison also shows a 24.23% rise from US$22.29 billion of December 2022.

CME EBS

In December 2023, CME EBS's spot ADV decreased from US$56.1 billion in November to US$52.6 billion, down 6.24%. Also, the year-on-year comparison shows a 4.19% decline from US$54.9 billion in December 2022.

Saxo Bank

In December 2023, Saxo Bank's spot ADV increased from US$5.4 billion in November to US$6.4 billion, up 18.52%. The year-on-year comparison shows a 16.36% rise from US$5.5 billion in December 2022.

To sum up, the ADVs of major institutions showed a downward trend in December, the decline is acceptably mild. As the last month of a year, December is the holiday month, so naturally the market would be relatively calm.