Records Tumble as FX Platforms Report Bumper March

The first group of FX platforms to report volume data for March confirm it was a bumper month for both their businesses and the wider market with all five early reporters hitting new records for average daily volume (ADV), four of them beating previous peaks by double-digit percentages.

FXSpotStream reports total FX ADV of $173.6 billion, up 14.4% on February and up 48.5% year-on-year. This is also 12.5% above the previous high, reported in January this year. Spot ADV on the service was $127.9 billion, again a new high and up 21.1% from February and up 53.9% year-on-year. All of the growth came in spot, with non-spot ADV treading water at $46 billion, which is fractionally lower than the previous two months – spot ADV was 18.3% higher than the previous top in January 2026.

It was a similar story at 360T, where spot ADV was $48.9 billion, up 22.6% from February and up 32.9% year-on-year. As was the case with FXSS, 360T’s new high-water mark is just over 20% higher than the previous peak, set again in January of this year.

The explosion in volume did not impact platform performance at 360T, the average round-trip time (RTT) actually fell from 7.5-8ms over the past few months to 6.4ms. The New York engine handled 54% of activity, up one point from February, which London saw its share drop by three points to 32% and Tokyo it’s rise to 14%. Although the Tokyo engine saw a higher share of activity, USD/JPY’s share of volume was at its lowest since the platform started reporting data, at 8%. CNH activity, on the other hand, rose two points to 9% of volume.

CboeFX also hit a new peak far in excess of its previous high, at $74.5 billion per day, ADV was up 24.8% from February and up 43% year-on-year – this is also 17.7% above the high set in January. $54.3 billion was traded on the ECN, with the balance on the Full Amount streams – firm ADV also set a new high at $29.1 billion per day, up 20.8% from February and up 53.2% year-on-year.

The average response time on CboeFX was steady at 7ms, while 94% of volume was traded anonymously (down one point from the previous three months) and the non-firm fill rate also dropped one point to 90%.

Euronext FX also hit a new peak, albeit on a lesser scale. ADV was $39.7 billion, surpassing January’s $38.2 billion, this is up 27.7% month-on-month and up 26.8% year-on-year. RTTs were mixed, with the New York engine seeing a drop to 9.4ms from 11.6, while the London engine edged higher to 15.2ms from 15.1. Fill rates were mixed, with Skew Safe fills at 82.4% (up from 80.3% in February), while on Full Amount the fill rate dropped to 93.5% (94.1%). The Platform fill rate was unchanged at 70.1% and 24.1% of anonymous volume was firm, up from 22.9% in February.

NDFs Also Hit New Highs

It was a similar story in the NDF world, where all three platforms to report data hit a new high.

24 Exchange reports NDF ADV of $8.3 billion, up 54.5% from February and up a massive 130.8% year-on-year. This is 24.3% higher than the previous peak, also set in January of this year. The data includes the venue’s first $10 billion-plus day, on 5 March, when it handled $10.8 billion.

It was a similar picture at Cboe, where the SEF handled $5.3 billion per day in NDFs. This is up 42.6% from the previous month and up an equally impressive 97.5% year-on-year – it is also 34.3% higher than the previous high in January 2026.

360T meanwhile, also reports a new high for NDFs – it operates a different trading protocol in the product from Cboe and 24 Exchange – at $2.4 billion. This is up 24.4% on February and up 33.9% year-on-year, however it is only 2.8% above the previous high, again in January.