Records Tumble as FX Platforms Thrive on January Volatility

After several platforms established new highs for activity in 2025, the new year started off in even stronger fashion, with new peaks for four of the five early reporters as volatility, especially towards the end of the month, lifted activity.

360T, Cboe FX and FXSpotStream, all hit established new records in average daily turnover (ADV), with the former breaching the $40 billion threshold for the first time and the latter seeing spot volume rise above $100 billion for the first time. Euronext FX also benefitted from the increased activity, but established its third highest month behind April 2025 and March 2020.

FXSpotStream reports ADV across all products of $154.3 billion, thanks largely to a surge in spot activity on the service, which hit $108.1 billion. Previously FXSpotStream had only breached the $90 billion threshold on one occasion – April 2025. Overall volume rose 25.3% from December and by 52.5% year-on-year, in spot terms ADV was up 36.75% on December and up 48.4% year-on-year. Non-spot volumes at FXSS also hit a new peak at $46.2 billion, a more modest 4.8% rise month-on-month, but up 63% year-on-year.

360T meanwhile, reports spot ADV across its venues of $40.6 billion, a new high, beating the $39.6 billion in April 2025. This is up 23.6% from December and up 17.7% year-on-year. Trading was driven by an increase in EUR/USD (+2% to 28% of volume) and USD/JPY (+1% to 10%) and perhaps reflecting the Asia-centric nature of much of the news, the Tokyo matching engine saw its share rise three points to 13%, with New York rising two points to 53% and London dropping four to 34%. The average round-trip time on 360T was just under 7.7ms, a four-month low.

Another to set a new high for ADV was Cboe FX, which reports spot volumes of $63.3 billion per day, up 30.4% from December and up an equally impressive 33.3% year-on-year. Firm liquidity ADV was $22.9 billion – also a new high – which is +19.3% from December and up 43.1% year-on-year. Just over $45 billion per day was traded on the ECN.

The average response time on Cboe FX dropped by one millisecond to 7ms, the quickest it has been since the firm started reporting this data, while 95% of volume was traded anonymously. The non-firm fill rate reflected the increased volatility, by dropping one point to 91%, which is still above the 2025 average of 89.9%.

Euronext FX reports spot ADV of $34.9 billion, as noted the third highest in the firm’s history, this is up 47.9% from December and up 25.6% year-on-year. The average RTT was 11.8ms to New York and 12.2ms to London, the former broadly unchanged, the latter the quickest in over a year, while the percentage of firm liquidity traded anonymously drifted to 24.5% from 26% in December. Fill rates also drifted on Euronext, with the Skew Safe streams filling at 78.9%, below the 80.5% average for 2025, the Full Amount streams at 94.1%, down on December but slightly up on 2025’s 93.85%, and the Platform at 71.2%, down from the 2025 average of 75%.

Elsewhere at Euronext, the exchange group says it set a new ADV record for its metals complex at $12.3 billion on 26 January.

NDFs Also on the Up

Meanwhile, the three venues to report volume data for NDFs all saw new peaks, in the case of 24 Exchange spectacularly so. 24X reports NDF ADV of $6.665 billion, easily a new high and the first time it has breached $5 billion, let alone six. This is up 35.25% from December and up 74.7% year-on-year.

Although the growth was not as steep, Cboe SEF also gapped from its previous high, hitting $3.932 billion per day in January, up 32.1% from December and up 37.25% year-on-year.

360T followed suit, albeit in a more sedate manner, hitting ADV of $2.33 billion in January, up 3.25% on the previous high in December and up 5.9% year-on-year.