FX Volumes Dip, But Remain Healthy
Posted by Colin Lambert. Last updated: July 27, 2025
The reporting period for FX platforms has completed and confirmed the data from the first group to report – that May volumes inevitably dipped from April’s mayhem, but were comfortably up year-on-year.
LSEG FX says average daily volume (ADV) on its spot venues was $110 billion per day, down 18.5% from April, but up 18.3% year-on-year. As with CME’s EBS, the other firm CLOB that reported data earlier this month, LSEG’s spot ADV was the second lowest this year, but in terms of comparative growth, it outperformed all but EBS and 360T, both of which also report data for more than one venue.
Non-spot FX ADV at LSEG was $403 billion in May, down 6.1% from April, but up 11.3% year-on-year – again though, this was the lowest this year, matching January.
Non-spot FX ADV at LSEG was $403 billion in May, down 6.1% from April, but up 11.3% year-on-year – again though, this was the lowest this year, matching January. Elsewhere, Deutsche Börse reports total FX volumes on 360T of EUR 156.1 billion, down 11.6% from April and up 12.1% year-on-year. Using a fixed exchange rate to split out spot volumes (which are reported in dollars), 360T non-spot ADV fell 10.1% from April and was up 9.7% year-on-year.
CLS says ADV traded across all FX products was $2.254 trillion, down 11.3% from April, but up 11.4% year-on-year. Spot ADV was $538 billion, the lowest thus far in 2025 and down 21.6% from April, whilst being up 16% year-on-year. Outright forwards ADV was $208 billion, the third highest thus far in 2025. This is down 16.8% from April and up 27.6% year-on-year. FX swaps ADV was $1.508 trillion, up 8% year-on-year.
Earlier this month, 24 Exchange reported NDF ADV of $4.61 billion, down 4.8% from April but up 71% from May 2024. This is the second highest in the platform’s history.
Finally, Singapore Exchange (SGX) also saw a dip, albeit less pronounced thanks to some early month volatility in Asian pairs. SGX says total FX futures and options volume was 7,282,187, which works out to just over 364,000 per day and a notional ADV in the region of $36.4 billion per day.
USD/CNH continues to be SGX’s busiest contract, and in May it reports ADV of just over $18 billion, down some 14% from April, but up some 38% year-on-year. INR activity was also steady, falling just 2.3% from April in total contract terms, whilst rising 65% year-on-year.
