FX Platforms Get a Volume Boost Post-US Vote

Increased volatility that followed the calling of the US election provided a boon to FX platforms, with four reporting a surge in volumes on 6 November, two of which were almost double recent averages.

CME Group says $275 billion was traded across its futures, options and OTC FX platforms, including over $100 billion in EUR. This is a big jump on the year-to-date average across the venues of around $150 billion – CME’s FX Link also saw a healthy jump to $5.6 billion, above its year-to-date average of just under $4 billion, but notably not above the monthly ADV record set in September of $5.75 billion – the daily record for FX Link is currently $13.5 billion, set on 5 August.

There was a surge in activity in emerging markets at CME, the exchange group says volume in CNH spot across its EBS platforms hit a new all-time high at over $34 billion, while MXN and BRL futures saw volume of $4.5 billion and $600 million traded, which is up to two-times usual levels.

Cboe FX also saw a surge, with just under $90 billion traded on its spot venues, almost double the 2024 average of just over $45 billion, that was also the case at Euronext FX, which more than doubled to just over $59 billion, from its year-to-date average of $26.5 billion.

Perhaps indicating the FX market’s tendency to go to ECNs and CLOBs where they can post interest, while 360T also saw a surge in volume, it was not of the scale of the other venues. No breakdown is available regarding how much was on the firm’s ECN and its relationship platform, but overall 360T reports daily volume of just over $50 billion, compared to its year-to-date average of $29.4 billion.