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Average Daily Volumes for Institutional Spot FX in October 2023 Show Mixed Results

2023-11-29 Brokersview

Overview of institutional spot FX ADV

October 2023 saw an overall decline in institutional spot FX average daily volume (ADV) on major platforms. Of the six major institutions, only Cboe FX and FxSpotStream saw an increase in spot FX ADV, while CLS, Euronext FX, 360T, and Moscow Exchange saw month-on-month(MoM) declines. Data from Refinitiv’s data was not included this month.

 

Euronext FX saw the largest decrease in ADV, down 3.63% compared to September, while CLS saw the smallest drop of 0.81%.

 

Details of trading volumes by institution are set out below:

 

Cboe FX

 

In October 2023, Cboe FX's spot ADV increased by 3.13% to $46.75 billion, up from $45.33 billion in September, and up from $42.7 billion in the same month last year.

 

Its total volume in October 2023 amounted to $1.02 trillion, 8.5% higher than the September 2023 figure of $952 billion. On a year-on-year(YoY) basis, this figure represents a 15% increase from the October 2022 figure of $896 billion.

 

CLS

 

In October 2023, CLS's spot ADV declined to $491 billion from $495 billion in September, a 0.81% MoM decrease.

 

However, in terms of total FX trading volume, the group recorded an ADV of $2.0 trillion, up 3.6% compared to October 2022. During the same period, FX forward volumes increased significantly by 57.8%, FX spot volumes increased by 0.6% and FX swap volumes declined by 0.5%.

 

Euronext FX

 

Spot ADV on Euronext FX also declined in October 2023, to $23.08 billion from $24.0 billion in September, a decrease of 3.63% YoY.

 

However, the total trading volume of Euronext FX for the month amounted to $507,790 million, a slight increase of 0.9% compared to the previous month's figure of $503,013 million, and an increase of 12.3% compared to the same period in 2022, when the figure amounted to $452,113 million.

 

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

 

FxSpotStream

 

In October 2023, FxSpotStream's spot ADV grew moderately to $52.76 billion from $52.2 billion in September, realizing a 1.07% increase.

 

October ADV totaled $67.7 billion, the highest monthly ADV for the first 10 months of this year, and was 2.7% above September 2023's $65.9 billion but 2.0% below October 2022's $69.1 billion.

 

The total trading volume on the FXSpotStream platform increased from $1.38 trillion to $1.49 trillion, an 8.0% increase MoM and a 2.8% increase from October 2022's $1.45 trillion.

 

360T

 

360T saw its spot ADV decrease from $29.13 billion in September to $28.59 billion, a decline of 1.85% MoM. However, the figure achieved a 20.24% YoY increase from $23.78 billion recorded in October 2022.

 

Moscow Exchange

 

Moscow Exchange’s spot ADV declined to $15.4 billion in October 2023 from $15.92 billion in September, a drop of 3.27%.

 

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

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