2023 December Institutional Spot FX Volumes Show Slightly Downward Trend

In December 2023, institutional spot FX trading volumes on major platforms began to trend downward. As of January 29, CLS, one of the six major institutions, had yet to disclose its December figures. Cboe FX, FxSpotStream, and CME EBS saw month-over-month (MoM) declines in spot average daily volume (ADV), with 360T and Euronext FX being the exceptions. Saxo Bank's spot ADV was up sharply in December compared to the previous month.

In terms of year-on-year (YoY) growth, all of the platforms except CME EBS had relatively large increases. Details of the trading volume of each platform are set out below:

Cboe FX

Cboe FX's spot ADV decreased 2.98% to $44.54 billion in December 2023 from $45.91 billion in November but increased 26.75% YoY from December 2022's $35.14 billion.

Additionally, the platform's volume for the month was $890.45 billion, an increase of 15.2% compared to December 2022's $773.08 billion, and a decrease of 11.8% compared to November 2023's $1,009.99 billion.

Euronext FX

Spot ADV on Euronext FX increased to $24.48 billion in December 2023 from $24.32 billion in November, representing an MoM increase of 0.66%. Compared to December 2022's $17.94 billion, this represents a 36.45% YoY increase.

Euronext FX’s trading volume for the month totaled $489,610 million, 8.5% below the November 2023 level of $534,940 million and 24.1% above the December 2022 level of $394.561 billion.

FxSpotStream

In December 2023, FxSpotStream's spot ADV decreased by 8.57% to $49.21 billion from $53.82 billion in November. However, compared to December 2022's $45.38 billion, the figure increased by 8.44% YoY.

The total ADV on the platform for the month was $64.8 billion, down 7.4% from $70 billion in November 2023, but up 12.5% from $57.6 billion in December 2022.

360T

In December 2023, 360T's spot ADV increased to $27.69 billion from $27.09 billion in November, representing a 2.21% MoM increase. It also increased by 24.23% YoY compared to December 2022's $22.29 billion.

CME EBS

In December 2023, spot ADV for CME EBS decreased by 6.24% to $52.6 billion from $56.1 billion in November. Compared to December 2022's $54.9 billion, it was down 4.19% YoY.

Saxo Bank

In December 2023, Saxo Bank's spot ADV increased by 18.52% to $6.4 billion from $5.4 billion in November. Compared to December 2022's $5.5 billion, it increased by 16.36% YoY.

All in all, ADVs of major institutions trended lower in December, by a slight margin. As the last month of a year, December is a holiday month and the market would naturally be relatively calm.