Institutional FX buying and selling volumes flat in November 2023 as ECNs see blended outcomes

For the second month in a row, institutional FX buying and selling volumes had been flat in November 2023, with blended outcomes among the many varied eFX ECN venues serving institutional purchasers.

Following October’s 0.1% improve, common day by day buying and selling volumes inched up one other 0.4% in November. Two of the main eFX venues surveyed by FNG, FXSpotStream and EuronextFX, every reported a slight uptick in buying and selling, whereas Cboe FX and Deutsche Borse’s 360T noticed a modest drop. However once more total, volumes moved up barely within the sector by 0.4%, regardless of some good volatility within the foreign money markets through the month.

Cboe FX (previously HotspotFX)

  • November 2023 common day by day volumes had been $45.909 billion, -1.8% from October’s $46.750 billion.

EuronextFX (previously FastMatch)

  • November 2023 ADV $24.315 billion, +5.3% from October’s ADV of $23.081 billion.


  • November’s Complete ADV was FXSpotStream’s highest on document this 12 months, at USD70.024billion, with Spot ADV of USD53.817billion and Different ADV of USD16.207billion.
  • FXSpotStream’s Complete ADV MoM (Nov’23 vs Oct’23) elevated 3.37%.
  • FXSpotStream’s Complete ADV YoY (Nov’23 vs Nov’22) elevated 4.09%.
  • FXSpotStream’s Spot ADV MoM (Nov’23 vs Oct’23) elevated 2.01%.
  • FXSpotStream’s Spot ADV YoY (Nov’23 vs Nov’22) decreased 0.42%.
  • FXSpotStream’s Different ADV MoM (Nov’23 vs Oct’23) elevated 8.15%.
  • FXSpotStream’s Different ADV YoY (Nov’23 vs Nov’22) elevated 22.51%.


  • Common day by day volumes (ADV) at 360T got here in at $27.085 billion in November 2023, down 5.3% from October’s $28.589 billion.