FX Platform Volumes Drift, But Remain Elevated in April

The first group of FX platforms to report April data indicate that while activity fell back from March’s record levels, volumes generally remain elevated by historical standards.

Average daily volume (ADV) across all FX products at FXSpotStream dropped by 18% from March’s record to $142.3 billion in April. Although this is a sharp pullback, year-on-year, the service saw ADV rise 16.25% – April was also the fourth busiest month to date. Within this, spot ADV was just over $100 billion, down 21.6% month-on-month, but up 9.75% year-on-year and again the fourth busiest month in FXSS’ history. Non-spot volumes were steadier, falling 8.7% to just over $42 billion, this is up 35.5% year-on-year, and the seventh busiest month.

At 360T, meanwhile, spot ADV also fell back from March, by 20.2% to $39 billion. This is up 1.5% year-on-year, but still the fifth busiest spot month for the Deutsche Börse-owned business. More business was executed via the London matching engine at 360T in April, the centre’s share of volume rose four points to 36%, however New York remains the busiest engine with 53% of activity, down one point from March, with Tokyo making up the balance.

The average round-trip time (RTT) on 360T rose slightly to 7ms, while activity in EUR/USD was 26% of volume (down from 27% in March), in USD/JPY it was 9% (8%), and in Cable and USD/CNH it was 8% of volume, down one point and up one point respectively.

Cboe FX also saw spot volumes drop, falling 27.7% to $53.85 billion per day. This is also down year-on-year, by 13%, but is still the sixth busiest month in the platform’s history. Firm ADV was $21 billion, down 27.8% from March and -8.7% year-on-year, but the fourth highest ADV since Cboe started reporting the data.

The average response time was unchanged at 7ms, and $15.9 billion per day was executed on a Full Amount basis, down 20.5% from March. The non-firm fill rate rose one point to 91% in April, while 94% of volume was executed on an anonymous basis.

It was a similar picture at Euronext FX, where spot ADV fell 28.7% from March to $28.3 billion, this is also down 25.9% year-on-year, but remains the 11^th busiest month for the platform.

In terms of platform performance, the average RTT at Euronext FX was 10.1ms to London (up from 9.4ms in March) and 15.7ms to New York (15.2ms). Fill rates were mixed compared to March, with Skew Safe (82.7% from 82.4%) and Platform (72% from 70.1%) ratios rising, but Full Amount drifting to 93.2% from 93.5%. The percentage of firm volume traded anonymously rose to 25.2% from 24.1%.

NDF volumes also eased at 360T and Cboe FX SEF – the former reports NDF ADV of $1.77 billion, down 25.9% from March and down 4% year-on-year (it is also the lowest since June 2025), while the latter’s ADV was just over $4 billion per day, down 23.8% from March but up 17.2% year-on-year, and the second highest yet reported by the venue.

24 Exchange also saw a drift lower from March, continuing the theme, however, April was still the venue’s second busiest month to date. 24X saw NDF ADV of $7.4 billion in April, down 11% from March, but up 52.3% year-on-year.