FX Volumes Reman at Elevated Levels

The first group of FX trading platforms to report data indicate that activity levels remain high in foreign exchange markets, with three hitting their second highest levels ever and one, 24Exchange, hitting a new peak for NDFs.

FXSpotStream reports total FX average daily volume (ADV) of $160 billion, up 7.8% on May, up a massive 60.3% year-on-year and the second highest recorded by the service, after March of this year. Spot ADV was $113.2 billion, which is up 7.4% on May and up 69.2% year-on-year, while non-spot volumes also grew, by 8.8% and 42.2% respectively, the $46.8 billion.

360T was another to hit its second highest ever in spot, reported ADV of $42.4 billion. This is up 6.3% on May and up 26.2% year-on-year, and second only to, again, March 2026. 360T saw increased activity in EUR/USD over the previous 30 days, it represented 27% of activity, up from 23% in May, while Cable and USD/JPY both dropped one point to 8% and 7% respectively. CNH’s share of activity rose one point to 9%, while INR dropped two to 7%.

The average round-trip time (RTT) on 360T edged higher to 8.6ms, while 50% of volume was traded on the New York matching engine, down from 51%, and 39 on London, up one point, with Tokyo remaining unchanged with the balance.

Cboe FX also recorded its second highest ADV in June, at $59.6 billion, this is up 8.7% from May and up 23.5% year-on-year. Firm ADV was $23.4 billion over the previous 30 days, up 11.4% from May and up 37.7% year-on-year, while $43.5 billion was traded on the ECN and $16 billion on the Full Amount streams. The average non-firm fill rate rose one point to 93%, the highest it has been since Cboe started reporting the data just over three years ago, while 95% of volume was traded anonymously (up one point from May) and the average response time was steady at 7ms.

While it was not close to all-time highs, Euronext FX, at $29.3 billion per day, had its eighth busiest month in June, ADV rising 4.3% from May and 6% year-on-year. Fill rates rose across the board at Euronext FX, with the Skew Safe streams filling at 87% (up from 84.5% in May), Full Amount at 95.6% (94.8%) and on the platform at 77.9%. The Skew Safe and Full Amount fill ratios are the highest since Euronext started publishing the data in 2023, while the platform fill rate is the highest since June 2026.

RTTs were slightly improved also at Euronext FX, with New York coming in it 9.1ms and London at 10.4ms, last month they were 9.2ms and 11.5ms respectively. The platform also reports that 26% of firm volume was traded anonymously, slightly down from 27% in May.

New High for 24X as NDF Volumes Also Rise

In the NDF market activity was generally stronger, led by 24 Exchange, which hit its latest peak at $9.2 billion per day. This is up 3.3% from May and up 108.6% year-on-year and the first time the platform has breached the $9 billion threshold for a month.

Elsewhere, 360T also saw a tick up in NDF activity with ADV of just over $2.08 billion, this is up 18.8% from May and 26.25% year-on-year and is the seventh busiest month for the venue.

Meawhile, Cboe FX SEF saw a slight drop in volume on a month-on-month basis, by 2.5% to just over $4.6 billion per day, this is up 59.1% year-on-year, however, and is the third usiest month to date on the SEF.