Institutional Spot FX Trading Volumes Remain Mixed in November 2023

In November 2023, institutional spot FX trading volumes on the major platforms remained mixed. Among the major six institutions, Cboe FX and 360T saw a decline in spot FX average daily volume (ADV), while CLS, Euronext FX, FxSpotStream, and CME EBS saw an increase month-on-month (MoM). Data from Moscow Exchange is not included this month.

Details of the trading volumes by each institution are set out below:

In November 2023, Cboe FX's spot ADV fell 1.80% to $45.91 billion from $46.75 billion in October but was up from $41.88 billion a year earlier.

The exchange reported a total trading volume of $1 trillion in November, down 2% from October's $1.02 trillion, but also higher than last November's total volume of $921 billion, a year-on-year (YoY) growth of 9.6%.

CLS

Spot ADV for CLS rebounded slightly to $50.3 billion in November 2023 from $49.1 billion in October, up 2.44% MoM. This figure is significantly higher than the $47.3 billion recorded in the same month last year.

Average Daily Trading Volume (ADTV) for CLS was $2.051 trillion, 2.5% higher than the October 2023 figure of $2.001 trillion and 8.2% higher than the November 2022 figure of $1.896 trillion.

Euronext FX

Spot ADV on Euronext FX also increased in November 2023, rising to $24.32 billion from $23.08 billion in October, a MoM decrease of 5.38%, up from $21.08 billion reported in the same month last year.

Euronext FX’s volume reached $534,940 million during the month, up 5.3% compared to October 2023's $507,790 million and up 15.4% compared to November 2022's $463,708 million.

FxSpotStream

In November 2023, FxSpotStream realized a 2.01% increase in spot ADV to $53.82 billion from $52.76 billion in October.

The total volume on the platform increased by 4.1% to $1.54 trillion in November, up from $1.48 trillion in October 2023, and up from $1.48 trillion during the same period in 2022.

360T

In November 2023, 360T's spot ADV decreased to $27.09 billion from $28.59 billion in October, a MoM decline of 5.24%. However, this was higher than the November 2022 ADV of $24.79 billion.

CME EBS

Spot ADV for CME EBS increased significantly in November 2023, to $56.1 billion from $50.8 billion in October, an increase of 10.43%.

Notably, CME Group announced that it will consolidate its two non-deliverable forward(NDF) liquidity pools on the EBS Market platform into a single trading venue in October 2024, subject to regulatory approval.