FX Volumes Steady in August

Activity in FX markets definitely seems to have settled down from the peaks of early 2025, with the first group of platforms to report volume data for August indicating a fourth successive month of steady trading.

360T was the only venue to report a year-on-year gain in spot average daily volume (ADV), although while +5.3% compared to August 2024, the $32.65 billion it traded during August was down 2.2% from July and the lowest thus far in 2025. The average round trip time (RTT) on 360T was 7.6ms in August and 52% of volume was executed on the New York matching engine, compared to 34% in London and the balance in Tokyo.

While EUR/USD (27%) obviously dominates activity on 360T, INR continues to make a splash on the venue, albeit slightly lower than last month. The firm says 7% of volume was in INR, just behind CNH and Cable at 8% and USD/JPY at 9%.

FX SpotStream, meanwhile, reports ADV of $106 billion in August, up 1.7% from July and up 9.5% year-on-year. The monthly growth in activity was spot products, with ADV of $71.2 billion, up 4.1% from July, but down 2.7% year-on-year. Non-spot ADV was $34.7 billion, down 3.1% from July and up 47% year-on-year.

Cboe FX saw largely unchanged spot volumes in August, at $45.7 billion per day from $45.6 billion in July. Year-on-year this is down 8.4%, but there was better news for fans of firm liquidity, with ADV of $16.2 billion, up fractionally ($100 million again) from July, but up 8% year-on-year.

ADV on the ECN was $30.9 billion, down 2.5% from July (as a new metric year-on-year is unavailable), while Full Amount ADV was $12.9 billion, down 6.5%. The non-firm fill rate was 90%, above the average for the last two years but a tick down on July, while 93% of volume was traded anonymously, unchanged from July and at historic highs. The average response time on CboeFX was 8ms, again unchanged but at historic lows.

Euronext FX saw the biggest dip in activity in August of the first reporters, at $23.5 billion per day, ADV was down 7.5% from July and down 19% year-on-year. It was also the lowest ADV reported by the exchange group since October 2023.

The average RTT was 9.3ms to New York and 15.7ms to London, the latter down from July, the former slightly up, while 24.1% of firm volume was traded anonymously, down from 27.3% in July and 28.1% in August 2024. The fill rate of the Skew Safe streams was 83.2%, up from 82.4% in July and 80.2% in August 2024, while the Full Amount fill rate dipped slightly to 93.9% from 94.1% in July, but was up on 93.7% in August 2024. Finally, the Platform fill rate rose to 77.7% from 77.2% in July, it is also well up on August 2024’s 72.8%.

NDF ADV on the Rise

Meanwhile, CboeFX SEF saw ADV in NDFs rise to $3.1 billion per day in August, the second highest the exchange group has reported (after April 2025). This is up 6.1% from July and up a massive 114% year-on-year.

Activity was steadier at 360T, where NDF volumes were $1.8 billion per day, up 1.1% from July and up 16% year-on-year. It was a similar picture at 24 Exchange, where ASDV in NDFs was $3.91 billion per day, slightly down on July $3.98 billion, and, for the first time, a year-on-year decline, by 5.6%.