FXSpotStream Hits New High as FX Volumes Mostly Higher in September

The first group of platforms to report FX average daily volume (ADV) data for September indicate that conditions generally improved from August, and were also up year-on-year.

FXSpotStream hit another new record ADV for the service, driven largely by record activity in non-spot products. Total FX ADV was $126.3 billion, an 18.2% rise on August and up 23% year-on-year – this is some $2.9 billion per day higher than the previous peak, set in April 2025.

Spot ADV at FXSpotStream was $82.2 billion, the third highest ever by the service and up 15.5% from August and 14.2% year-on-year. The firm says it saw record activity in algos during September. Non-spot ADV soared, however, rising 24.2% from August and a massive 44.2% year-on-year to $43.1 billion. Volumes were more widely higher in September, however of note, during September, FXSpotStream added BNY as its 19^th liquidity provider.

360T also reported strong data, spot ADV at $34.9 billion per day across its venues being the fourth highest it has reported to date. This is 6.9% up from August and 10.8% higher year-on-year.

The average round-trip time (RTT) on 360T in September was 7.2ms, down from 7.6ms in August, while 50% of volume was executed on the New York matching engine, 37% in London and 13% in Tokyo. London saw a higher share than in August, indeed it tied for the highest ratio for the centre with June 2025.

EUR/USD at 27% is the most traded pair on 360T, followed by USD/JPY at 10% and Cable at 9%, unchanged in the case of the former and up 1% on August for the latter two. Both USD/CNH and USD/INR grabbed a 7% share of activity on 360T.

Cboe FX also saw higher activity in September at $49.1 billion per day, up 7.4% from August and up 5.1%year-on-year. $18 billion was traded on a firm basis, up from $16.2 billion in August, while $33.7 billion was traded on the ECN (up 9% month-on-month), while $12 billion per day was traded on a Full Amount basis, down 7% from August. The average response time was 8ms, unchanged from the previous two months, while 93% of volume was traded anonymously (also unchanged) and the non-firm fill rate was 91%, up from 90% in August.

The news was not as positive at Euronext FX, where $23.2 billon per day represented a 1.3% decline from August and a 15.9% year-on-year drop. The average RTT was 11.3ms from New York and 13.3ms from London, up and down by a couple of milliseconds respectively, while 24% of anonymous volume was traded anonymously. The Skew Safe streams saw a fill rate of 82.6%, down from 83.2% in August, while the Full Amount fill rate was up 0.1% at 94%, and the Platform dropped to 76.8% from 77.7% in August.

NDFs Also Higher

NDF activity also rose at the three platforms to report data. Cboe FX SEF reports NDF ADV of $3.35 billion, this is up 7.9% on August and up 139% year-on-year. It was also the second busiest month for NDFs on the SEF.

360T also saw activity rise in NDFs to $2.07 billion per day. This is up 14.8% month-on-month and up 9% year-on-year. It was a similar picture at 24Exchange, which reports ADV in NDFs of $3.99 billion, up 2.05% from August and up 7.8% year-on-year.