Solid October Trading Volumes for Major ECNs as ECB Rekindles FX Volatility

The ECB’s dovish wind-down of asset purchases revived FX volatility.

When it comes to trading volumes transacted across the foreign exchange markets, October was relatively positive. As trading started slowly in the first half of the month, the run-up to the European Central Bank’s (ECB) meeting at the end and the subsequent days have stirred some volatility.

Major ECNs reported a month that was much more active than a year ago and somewhat slower when compared to September. The ECB’s underwhelming decision has proven anticlimactic for euro bulls, triggering a selloff that has lasted for a couple of days before pausing in the run-up to the Fed meeting and Trump’s nomination of a new Fed chair.

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CBOE FX Markets (Formerly Known as Hotspot)

The average daily volumes (ADVs) at CBOE’s FX Markets unit, formerly known as Hotspot, declined 3 percent month-on-month to $32 billion per day. The number is 27 percent higher when compared to October last year.

Total trading volumes transacted via CBOE FX Markets totaled $704.8 billion. Amongst major ECNs that are posting monthly trading volumes, this is the only figure that increased when compared to the previous month, albeit by only 1 percent. The venue posted a 32 percent increase on a yearly basis.


ADVs at Fastmatch retained their year-on-year growth pace with last month’s number totaling $18 billion per day. The figure was lower when compared to September by 13 percent, but higher by 32 percent when compared to October last year.

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Total trading volumes amounted to $396.7 billion, a number that was lower by 9 percent month-on-month and higher by 39 percent year-on-year.


FXSpotStream also registered a positive month with ADV coming in higher by 16.3% year-on-year to $19.9 billion. The number was lower by 16.9 percent when compared to the record month of September when the firm reported $23.9 billion daily.

Total trading volumes for the month amounted to $437.7 billion which is 21.9 percent higher year-on-year and lower by 13 percent year-on-year. The company remains the second largest among publicly reporting trading venues.


ADVs at GAIN Capital’s institutional trading unit GTX totaled $14.7 billion, a number that is higher by 28 percent when compared to last October. The figure was lower by 10 percent when compared to September.

Total trading volumes dipped 6 percent month-on-month to $322.9 billion. The number was 34 percent higher year-on-year, reaffirming GAIN Capital as one of the fastest growing venues in the industry.

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