The institutional FX space continued a strong second half of the year in October 2025, with trading volumes up by an average of 3% over what was a fairly good September.
The bullish sentiment also included record activity at FXSpotStream, for the second month in a row.
Cboe FX (formerly HotspotFX)
- October 2025 average daily volumes were $51.76 billion, +5.5% from September’s $49.08 billion.
EuronextFX (formerly FastMatch)
- October 2025 ADV $24.70 billion, +6.4% from September’s ADV of $23.21 billion.
FXSpotStream
- Following a record setting month in terms of ADV in September, FXSpotStream registered yet another ADV high in terms of overall ADV at USD129.614billion. This consisted of a Spot ADV of USD85.859billion and USD43.755billion in other products, with back-to-back record ADV months in Swaps, NDF and Algos.
- Year to date, FXSpotStream’s overall ADV (for the period January-October) is up 25.60% when compared to the same period last year, while Spot ADV is up 19.16% YoY over the same period.
- Details of September total volumes can be found below:
- FXSpotStream’s Total ADV MoM (Oct’25 vs Sep’25) increased 3.48%
- FXSpotStream’s Total ADV YoY (Oct’25 vs Oct’24) increased 39.24%
- FXSpotStream’s Spot ADV MoM (Oct’25 vs Sep’25) increased 4.47%
- FXSpotStream’s Spot ADV YoY (Oct’25 vs Oct’24) increased 28.57%
- FXSpotStream’s Other ADV MoM (Oct’25 vs Sep’25) increased 1.58%
- FXSpotStream’s Other ADV YoY (Oct’25 vs Oct’24) increased 66.34%
360T
- Average daily volumes (ADV) at 360T came in at $33.95 billion in October 2025, down 2.7% from September’s $34.89 billion – and making 360T the only volume decliner in the group.
