FX Volumes Steady in May

After the dip in April, FX volumes were largely steady again in May, albeit at historically high levels, according to the first group of platforms to report data.

360T reports spot average daily volume (ADV) of $39.9 billion in May, a 2.3% rise from April, but up an impressive 22% year-on-year. It is also equals February of this year as the venues third busiest month to-date -indeed five of 360T’s six busiest months in spot have come in 2026.

Activity on the firm’s venues shifted slightly to London, where the 38% share of business was the highest since 360T began reporting the data in 2023, although it equals December 2025’s share. The two-point rise from the previous month came at the expense of the New York matching engine, which remains dominant but dropped to 51%, with the balance being traded in Tokyo. The average round-trip time (RTT) rose to 8.2ms from 7ms.

There was a broader mix of currencies traded on the platforms, with EUR/USD dropping three points to 23% and USD/JPY one point to 8%, while Cable (up one point to 9%) and USD/INR (up four to 9%) rose.

Elsewhere, Cboe FX reports spot ADV of $54.85 billion, up 1.9% from April, but also up solidly year-on-year, by 14.3%. Firm ADV was unchanged at $21 billion (up 16.7% y-o-y). In spite of activity being lower than the blow-out March, this is still the sixth busiest month for Cboe FX to date.

The average response time at Cboe was unchanged at 7ms, while Full Amount streams traded $16.4 billion per day, up from $15.9 billion in April, but down on March’s peak of $20 billion. The non-firm fill rate rose one point to 92%, while 94% of volume was executed anonymously.

Meanwhile, Euronext FX saw ADV drift fractionally from April, by 0.7% to $28.1 billion, up 2.2% year-on-year. Fill rates on the platform improved in May, with the Skew Safe streams filling at 84.5%, the highest it has been since August 2023, while the Full Amount streams filled at 94.8%, the highest since December 2025. Fill rates on the platform also rose, to 75.9%, the highest since September 2025. The average RTT was 9.2ms to New York (from 10.1ms and the quickest since July 2025), and 11.5ms to London (15.7ms and the quickest since July 2024), and 27% of firm volume was executed anonymously.

New Peak for 24X in NDFs

The recent trend of NDF volumes on ECNs rising at the expense of bilateral channels continued in May, with 24 Exchange hitting another new peak and Cboe FX SEF also rising, while 360T drifted.

24 Exchange reports NDF ADV of $8.9 billion, as noted a new high following March’s previous peak of $8.3 billion. This is up 20.8% from April and up 93.2% year-on-year, it was helped by a new daily record of $12.2 billion on 7 May.

Elsewhere, Cboe SEF reports NDF ADV of just over $4.75 billion, the second highest it has reported to date, after March. This is up 18.1% from April and up 54.5% year-on-year. 360T, meanwhile, saw activity drift slightly, at just over $1.75 billion per day activity was down 1.2% from April and down 3.9% year-on-year.