The demand for forex trading instruments spiked in March, as FXSpotStream, a provider of multibank FX aggregation services for spot FX trading, reported a record average daily volume (ADV) for the month. According to the official numbers, the total ADV in March jumped to $82.6 billion.

A Record ADV on FXSpotStream

Month-over-month, the total ADV jumped 14.2 percent, while the yearly increase was more than 23.6 percent. The record figures came after the platform witnessed $73.6 billion and $72.3 billion in January and February, respectively, in total ADVs, making it the strongest quarter.

The total ADV reported by FXSpotStream consists of two sources, one is spot ADV and the rest are from other sources. The company detailed that the spot ADV for the month came in at $58.2 billion compared to the previous month’s $51.8 billion. However, it was the ADV from other instruments that outshined with a record figure of $24.4 billion.

The latest other ADV increased 19 percent from the previous month, however, when compared with the corresponding month of the previous year, the figure jumped 91.73 percent. Meanwhile, the year-over-year increase of the spot ADV was 7.66 percent.

FX Demand Hits Peak

FXSpotStream is a bank-owned consortium established in 2011. Along with its services in the institutional spot forex market, the platform has extended services in the derivatives market. In addition, it launched the much-anticipated support for FX Algos and allocations over its API, thus expanding its services.

The company onboarded Jeff Ward as its new CEO at the beginning of 2024. However, the appointment did not come as a surprise as it announced his appointment for the role last August.

Apart from FXSpotStream, other institutional forex trading venues reported record numbers for March. The ADV on Cboe FX, a spot trading venue for institutions, touched $47.892 billion, an increase of 12.4 percent month-over-month. Additionally, Deutsche Börse-owned 360T reported a total volume of $613.4 billion, with an ADV of $30.7 billion. Although the figure marked a slight improvement from February, it remained below the platform's performance in January.