Cboe, Euronext, See Solid FX Volume Gains in October

The first two platforms to report FX trading volumes for October indicate activity was higher than September, but a little more mixed on a year-on-year basis.

Cboe FX says spot average daily volume (ADV) was $51.8 billion in October, this is the third highest in 2025 thus far and a 5.5% rise from September. Year-on-year activity was also up, by an impressive 21%, while firm volume was also solid (and the third highest this year) at $18.8 billion per day, up 4.4% and 34.3% respectively.

There was a slight rise in the percentage of volume traded anonymously at Cboe FX – at 94% it is the highest since May 2023, however the non-firm fill rate drifted slightly, to 90% from 91%. This is still above the 2025 average around 89.5%. Full amount volumes hit a new high since Cboe started publishing the data earlier this year, at $15.2 billion per day, while the ECN handled $36.6 billion.

Meanwhile, Euronext FX reports spot ADV of $24.7 billion, a 6.5% increase from September, but down 5.7% year-on-year. In contrast to Cboe, this is the third lowest of the year thus far at Euronext.

Fill rates at Euronext FX also drifted lower, with the Skew Safe streams registering a fill rate of 78.6%, the third lowest since the exchange group started publishing data in April 2023 and down from 82.6% in September. The Full Amount fill rate drifted to 93.8%, very much in line with the 2025 average, while the platform fill rate fell to 72% – the lowest since the venue started publishing and down from 76.8% in September.

Round-trip times on last look trades also rose to its highest since the statistics were first published at 11.7ms to New York (from 11.3ms in September), while to London it rose to 17.3ms from 13.3ms in September, but slightly below the 2025 average. The percentage of firm volume traded anonymously rose to 25.9% from 24% in September.