Records Tumble as Platforms Report FX Volumes

As expected, the mayhem in financial markets has translated into record turnover for several FX trading platforms, with the first three to report unveiling new peaks in activity.

360T reports average daily volume (ADV) in spot across its venues of $39.6 billion, beating its previous high of $36.9 billion set in March 2020. This is up 7.6% on March, which was itself at that time the firm’s second busiest month, and up 32.9% year-on-year. 360T set a new single-day record for turnover on 7 April at $60.5 billion.

Busier markets did not transfer into longer round trip times (RTTs), the average for the month was approximately 6.2 milliseconds, down from the average in recent months between 6.5 and 7 milliseconds. The London matching engine saw a slight increase in its share of volume at 31% (from 30% in March), while New York dropped one point to 52% and Tokyo was unchanged at 17%. Currency pair activity was broadly stable, with EUR/USD unchanged at 27% of spot volume and CNH at 8%, while USD/JPY at 12% and Cable at 8%, are one point higher than March.

Cboe FX also saw a surge in activity, hitting a new single-day record, also on 7 April, at $106.7 billion – the firm breached the 100-yard mark twice at the start of the month. Spot ADV was $61.9 billion, surging past the previous high from March 2020 of $55 billion, this is up 18.8% from March and up 23.8% year-on-year.

Firm volumes at Cboe FX were at a new high, at $23 billion per day, the first time the firm has seen this number go above $20 billion, this is up 21% on the previous high set in March and is up 43.8% year-on-year. The average response time on Cboe FX ticked up to 10ms from 8 and 9ms over the previous two months, however it is very much in line with the longer-term average, while 93% of volumes was transacted anonymously, up from 92% in recent months, and the non-firm fill rate fell slightly to 87% from the year-to-date average of 89%.

Finally, Euronext FX also set a new benchmark for activity, reporting spot ADV of $38.2 billion, up 22% from March and up 33.1% year-on-year – and also above its previous high from March 2020 of $37 billion. As was the case elsewhere, the platform set a new daily record on 7 April at $64.25 billion.

After a dip lower in March, RTTs returned to recent averages at 11.6ms to New York and 19.6ms to London, while the percentage of anonymous volume that was firm popped higher to 31.6%, the highest it has been to date. Fill rates were mixed at Euronext FX, while the Full Amount streams saw fill rates tick up to 93.1% (from 92% in March), this is still below the longer-term average, and on the Skew Safe and Platform they fell to new lows. The former saw a fill rate of 78.2%, down from 81.1% in March (the previous low was 19.6% in January 2025), while the latter dropped to 72.5% from 76.7% in March, with the previous low being 72.8% in August 2024.

NDF Records Also Fall

A similar picture emerged in NDFs, although 360T did not set a new peak for ADV in the product, but Cboe FX and 24 Exchange did. 360T saw ADV in NDFs was 1.85 billion, up 3.3% on March and up 12.6% year-on-year, but below its previous highs above $2.2 billion. The platform did set a new high for NDFs, however, on 30 April, at just over $3 billion.

Cboe SEF, meanwhile, reports NDF volumes of $3.44 billion, up 28.5% on March and up 168% year-on-year. A new single-day record was set on 9 April, when the SEF handled $5.4 billion.

24 Exchange also set a new single-day record of $7.5 billion on 11 April in NDFs, helping drive ADV for the month to $4.84 billion – also a new peak for the venue. This is up 34.8% from March, up 53.9% year-on-year and also represents a 15% increase on the previous peak, set in February 2025.