FXSpotStream Hits New High, 360T Mixed

FXSpotStream has reported yet another new high for average daily volume (ADV), driven by a new peak in non-spot products and its second busiest spot month to date, elsewhere, however, the news was more mixed.

ADV at FXSpotStream was $129.6 billion in October, up 3.4% on September, itself a new peak at the time, and up an impressive 39.2% year-on-year. Spot ADV was $85.6 billion, up 4.1% from September and up 28.1% year-on-year – it is the second busiest month thus far for the service, behind April 2025. Non-spot volumes continue to climb steadily on FXSpotStream, hitting $44 billion, this is up 2.1% month-on-month and up 67.3% from October 2024.

Meanwhile, 360T reports spot ADV of $34 billion in October, down 2.6% from September but up 18.9% year-on-year. NDF volumes also drifted lower, to $1.96 billion per day, down 5.2% from September and down 7.6% year-on-year.

There was a leap in the share of volume on the New York matching engine at 360T, to 54% from 50% last month, taken at the expense of London, which dropped to 33% from 37% – Tokyo was unchanged at 13%. Perhaps counter-intuitively, 360T saw an increase in Cable’s share of volume, up to 11% from 9%, USD/JPY also ticked higher by one point to 11%, while INR volumes fell from the recent highs of 7%, to 4%. The average round-trip time on 360T also ticked higher, to 8ms from 7.2ms.

Elsewhere, 24 Exchange reports NDF daily volume of $4.2 billion in October, up 5% from September and up 26.7% year-on-year. Earlier this month, Cboe FX reported NDF ADV on its SEF of $3.38 billion, 0.9% higher than September but up a massive 117.8% year-on-year.