FXSpotStream to New Peak, CME, EBS, to Multi-Year Highs

As was the case with the first group of platforms to report FX volume data, FXSpotStream also set a new record for spot volume in April, while CME Group had its largest non-quarter end month since 2014, and EBS its busiest month since March 2020.

FXSpotStream says average daily volume (ADV) hit $122.4 billion in April, the third consecutive month it has established a new record for the service. This is up 4.7% on March and up 33.2% year-on-year. Although non-spot volume was the second highest, at $31 billion per day it actually dropped 8.3% from March, but was still up 20.2% year-on-year. Unsurprisingly, given the volatility in markets, the growth was driven by spot markets, which surged by 10% from March to a new high at $91.4 billion. This is up 38.3% year-on-year, and also marks a third successive monthly record.

Meanwhile, CME Group says it also benefitted from the increased volatility, which is evidenced by its G% CVOL Index rising to 2020 levels at 11.21 in April, up from 9.17 in March, which was itself a multi-year high.

CME’s FX futures and options franchise saw $109 billion per day in notional terms. This is, as noted, the highest non-quarter end volume reported by the Merc since October 2014, although it should be noted it was very close to this level twice in 2018.

ADV was only down 8.4% from the March quarterly roll, and was up 34.6% year-on-year. In notional terms in year-on-year terms, increases were seen in JPY (+52% at $21.2 billion), EUR (+36% to $39.6 billion), as well as in CHF and AUD (to $6.5 billion and $8.6 billion respectively) futures, while options volume also surged, in EUR (100%), CAD (87%) and CHF (107%), although notional numbers were not provided.

There was also a bounce back at FX Link, on which CME says $4.9 billion per day was traded, this is up 8.9% from March and up 28.3% year-on-year. Although FX Link saw a record day on 4 April at $14.6 billion, overall monthly ADV was only its fifth busiest to date, the venue seeing just shy of $5 billion in October 2024 and above $5 billion in June, August and September 2024.

Finally, EBS also received a healthy boost from the volatility, ADV on its platforms rising to $89.3 billion, up 17.5% from March and up 45.9% year-on-year, and easily its highest since the onset of the pandemic. Indeed, taking out February and March 2020, this is the highest ADV seen at EBS since August 2019.