Institutional Spot FX Trading Volumes in November 2023 Disclosed, CME Leads with 10.43% Growth

The institutional spot FX trading volume of major platforms still sees mixed results in November 2023. Among the six major institutions, Cboe FX and 360T reported a drop in their spot FX average daily volume (ADV), while CLS, Euronext FX, FxSpotStream, and CME EBS saw an increase month-on-month. Moscow Exchange's data was excluded from this month.

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

Cboe FX

In November 2023, Cboe FX's spot ADV decreased from US$46.75 billion in October to US$45.91 billion, a 1.80% decrease, but higher than the same month of last year, which was 41.88 billion.

The exchange reported a total trading volume of US$1 trillion in November, down 2% from the US$1.02 trillion in October, but also higher than the total trading volume of US$921 billion in November last year, a year-on-year increase of 9.6 %.

CLS

In November 2023, CLS's spot ADV saw a slight rebound from US$49.1 billion in October to US$50.3 billion, the m-o-m growth is 2.44%. The number is significantly higher than they did the same month last year, which reported 47.3 billion.

The average daily traded volume (ADTV) submitted to CLS is $2.051 trillion, 2.5% higher than $2.001 trillion in October 2023 and 8.2% higher than $1.896 trillion in November 2022.

Euronext FX

In November 2023, Euronext FX's spot ADV increased as well, rising from US$23.08 billion in October to US$24.32 billion, the m-o-m decrease is 5.38%, higher than the same month last year, which reported 21.08 billion.

Trading volume of Euronext FX reached $534,940 million for the month, increasing 5.3% compared to $507,790 million in October 2023 and jumping 15.4% compared to $463,708 million in November 2022.

FxSpotStream

In November 2023, FxSpotStream's spot ADV increased from US$52.76 billion in October to US$53.82 billion, achieving an 2.01% growth.

The total trading volume on the platform throughout November rose by 4.1% from $1.48 trillion in October 2023 to $1.54 trillion, also higher than $1.48 trillion in the same period of 2022.

360T

In November 2023, 360T's spot ADV bounced decreased from US$28.59 billion in October to US$27.09 billion, a 5.24% m-o-m decline. However, it is higher than November 2022's ADV of US$24.79 billion.

CME EBS

In November 2023, CME EBS's spot ADV saw a significant increase, from US$50.8 billion in October to US$56.1 billion, up 10.43%.

It is worth noting that CME Group announced that it will combine its two non-deliverable forward (NDF) liquidity pools on the EBS Market platform onto a single trading venue in October 2024, subject to regulatory approval.