FX Volumes Lower in August

The northern hemisphere summer finally brought a record-breaking run to an end for most of the first group of FX platforms to report in August, although volumes remain elevated on a year-on-year basis.

While FXSpotStream, 360T and Cboe FX all saw volumes drift from July – the latter two also had their quietest month thus far in 2026 – Euronext FX managed to eke out a small month-on-month gain, by 0.9% to $28.4 billion per day. This is also up 20.9% year-on-year.

Fill rates drifted on Euronext FX in August, with the Skew Safe stream dropping to 85% from 86.3% (it was 83.2% in August 2025), the Full Amount to 94.5% from 95.2% (93.9%) and the Platform to 75.8% from 77% (77.7%). The average round-trip time (RTT) on Euronext dropped to 8.1ms to the New York matching engine and 9.2ms to the London engine – both are the quickest recorded by the venue since March 2024.

FXSpotStream reports average daily volume (ADV) of $154.4 billion across all products in August, down 2.3% from July, but up 45.7% year-on-year. Within this, spot ADV was $107.8 billion, a 3.9% drop from July, but a 51.4% rise year-on-year, and non-spot ADV was $46.6 billion, up 1.5% from July and up 34.3% year-on-year.

360T reports spot ADV of $37.6 billion, as noted, its lowest thus far in 2026, this is down 7% on July but up 15.2% year-on-year – it was only surpassed once in 2025, thanks to the “Liberation Day”-inspired volatility in April. The average RTT on 360T rose slightly to 8.5ms, but remains in line with the longer term average, while 46% of volume was executed on the New York Matching engine, up one point from July, which was actually the lowest reported by the platform since it started publishing the data. London saw its share of activity drop two points to 38%, with Tokyo taking up the balance. “Other pairs” and EUR/USD remain the dominant pairs on 360T at 27%, the latter is up two points from July, while USD/JPY was unchanged at 10% and Cable dropped two points to 9%. CNH was unchanged at 8% of volume, INR dropped one point to 5%.

Cboe FX, meanwhile, also reports its lowest spot ADV of the year to date, at $51.6 billion, this is a 9% drop from July, but is up 25.5% year-on-year. Firm ADV also dropped, by 10% from July to $20.8 billion – a 28.4% year-on-year increase.

The average response time on Cboe FX was unchanged at 7ms in August, while 94.5% of volume was traded anonymously, slightly up from 94.3% in July and 93% in August 2025. The non-firm fill rate was also unchanged at 93% (90% in August 2025), while volume on full amount streams was $14.2 billion per day.

NDFs Also Drift

As was the case with the cash products, the three venues to report NDF volumes also saw a drift lower in August, but again, all are healthily up year-on-year.

24 Exchange reports NDF ADV of $7.38 billion, a 22.3% drop from July, but a massive 88.8% higher year-on-year. This is also still the fourth highest ADV reported by 24 Exchange since launch.

Elsewhere, Cboe FX SEF reports NDF ADV of just under $3.9 billion in August, down 9.1% from July but up 13.3% year-on-year, and 360T NDF ADV was $1.93 billion per day, down 5.1% month-on-month and up 7.2% year-on-year.