Institutional Spot FX Trading Volumes in January 2024 See Mixed Trends, Decline Outpaces Increase

The institutional spot FX trading volumes of major platforms saw both decline and growth across January 2024, but decline outdid growth. The average m-o-m comparison is -1.42% based on what the six major institutions posted. Month-on-month declines of spot average daily volume are observed by Cboe FX, 360T and Saxo Bank, with Euronext FX, FxSpotStream and CME EBS being otherwise.

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

Cboe FX

In January 2024, Cboe FX's spot ADV decreased from US$44.54 billion in December to US$43.6 billion, a 2.04% decrease, but the year-on-year comparison shows a 6.44% rise from US$40.99 billion of January 2023.

Global FX average daily trading volume (ADV) for the period totaled $44.82 billion, increasing 6.6% compared to $42.04 billion in the year-ago month and decreasing 1.7% compared to $45.6 billion in the prior month.

Euronext FX

In January 2024, Euronext FX's spot ADV increased from US$24.48 billion in December to US$24.93 billion, the m-o-m increase is 1.84%. The year-on-year comparison shows a 26.87% rise from US$19.65 billion of January 2023.

Trading volume of Euronext FX totaled $548,523 million for the month, up 12.0% MoM (December 2023: $489,610 million) and up 26.9% YoY (January 2023: $432,221 million).

FxSpotStream

In January 2024, FxSpotStream's spot ADV increased from US$49.21 billion in December to US$54.74 billion, up 11.24%. The year-on-year comparison shows a 10.23% rise from US$49.66 billion of January 2023.

ADV across other products (NDFs and Swaps) of the exchange stood at $73.645 billion for the month, 13.64% higher over the previous month and surging 73.35% from the last same period.

360T

In January 2024, 360T's spot ADV decreased from US$27.69 billion in December to US$27.51 billion, a 0.65% m-o-m decline. The year-on-year comparison shows an 11.02% rise from US$24.78 billion of January 2023.

CME EBS

In January 2024, CME EBS's spot ADV rose from US$52.6 billion in December to US$55 billion, up 4.56%. Also, the year-on-year comparison. However, shows an 11.86% decline from US$62.4 billion in January 2023.

Saxo Bank

In January 2024, Saxo Bank's spot ADV decreased from US$6.4 billion in December to US$4.9 billion, down 20.8%. The year-on-year comparison shows a 7.4% decline from US$5.2 billion in January 2023.

More specifically, FX trading volume for the period came in at $106.7 billion, 20.8% lower than $134.8 billion in the prior month and 7.4% lower than $115.2 billion in January 2023.