FX Volumes Drift in October, Remain Elevated

Although activity came off the September highs, FX volumes remained elevated in October according to the first group of venues to report data, with all recording activity in their top 10 months in average daily volume (ADV) terms.

FXSpotStream reports total FX ADV of $163.2 billion, this is down 8.9% on September, but up 25.9% year-on-year, and is the service’s third highest ADV to date. Within this, spot ADV was $116.8 billion, down 9.8% from October, but up 36.5% year-on-year, while non-spot ADV was down 6% at $46.4 billion from September, but up 5.5% year-on-year.

360T reports spot ADV of $41.1 billion in October, down 3% from September but up 20.9% year-on-year, and the fourth highest ADV in its history. The New York matching engine continues to dominate at 360T, with 62% of business traded there (down from 67% in September, but considerably up on 54% in October 2025), while London saw a bounce back in activity to 30% (from 26% in September and 33% in October 2025), and Tokyo handled the balance.

The average round-trip time (RTT) at 360T was a fraction higher at 8.6ms, while EUR/USD was responsible for 29% of volume, up from 26%, USD/JPY and Cable both had a 9% share (from 13% and 8% respectively), while CNH and INR were next in line at 6% and 5% respectively.

Euronext FX saw its sixth highest ADV at $32.5 billion, this is down 6% from September, but up 31.6% year-on-year. The average RTT on Euronext was steady at 6.5ms to New York and 9.1ms to London 22% of firm volume was traded anonymously, the lowest it has been since the exchange group started reporting the data in 2023.

Fill rates rose for the second successive month at Euronext, with the Skew Safe filling at 87.1% (from 86.9%); Full Amount at 95.2% (94.7%) and on the platform at 76.4% (75.9%).

Meanwhile Cboe FX reports ADV of $56.1 billion, down 9% on September, but still in the platform’s top 10 months – year-on-year, ADV rose 8.3%. Firm ADV on Cboe FX was unchanged at 24.3 billion, this is up 29.3% year-on-year, while the ECN was responsible for $42.3 billion per day, slightly down on September. The non-firm fill rate on Cboe FX was unchanged at 92%, while 95% of volume was traded anonymously.

NDFs Follow Suit

It was a very similar picture in NDFs, with the three venues to report ADV showing small declines, while remaining at historically high levels.

24 Exchange saw NDF ADV was $8.11 billion, down 2.2% from September, but up 93.6% year-on-year. Cboe SEF, which operates in a similar fashion, saw NDF ADV of $4.31 billion, down 7.5% from September but up 27.7% year-on-year, while 360T, which is more bilaterally traded, had NDF ADV of $1.91 billion, down 20.4% on September, and also down 2.5% year-on-year.