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Holiday Season Pushes Institutional Spot FX Venues' December Volume Lower

by Arnab Shome
  • Cboe FX Markets and 360T reported a month-over-month decline in trading demand.
  • The activities plummeted in the last week of the month (or year).
spot fx
Photographer: David Paul Morris/Bloomberg
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Two major institutional spot forex trading venues, Cboe FX and Deutsche Börse's 360T, published their trading metrics for December 2022, reporting expected correction in demand from the traders. The dip in the monthly volume in December is an industry trend due to the holiday season.

Institutions' Demand for Spot FX

According to the official figures, Cboe FX Markets ended the month with a total volume of more than $773 billion, which is a month-over-month decline of more than 16 percent. However, the figures came in at 13.5 percent stronger when compared to the last month of the previous year.

The average daily volume (ADV) on the American platform for December came in at more than $35.1 billion. The figure came down from $41.8 billion in November, despite having 22 trading days in both months. A look into the daily volumes of last month shows the slowdown in trading activities that dipped in the last week of the month. It was the lowest on the day after Christmas when about $1.25 billion worth of FX instruments were traded compared to the monthly peak of over $57.7 million on the first day of the month.

The consolidated quarterly figures of Cboe FX Markets show that the total trading volume in the three months between October and December came in at $2.5 trillion, with an average daily volume of $39.8 billion.

Check out the recent London Summit session on "Prime Time: Liquidity Between Retail & Institutional Trading."

Spot FX Volume in Europe

360T, which is a major spot FX venue in Europe, reported a monthly volume of $490 billion. It came down from more than $545 billion in November, showcasing a month-over-month decline of 10 percent. Similar to Cboe, activities at 360T were at their lowest in the week following Christmas.

However, the trading activities last December improved from the year before. 360T reported $481 billion in total trading activities in December 2021, meaning the trading demand jumped by about 2 percent last month, year-over-year.

Two major institutional spot forex trading venues, Cboe FX and Deutsche Börse's 360T, published their trading metrics for December 2022, reporting expected correction in demand from the traders. The dip in the monthly volume in December is an industry trend due to the holiday season.

Institutions' Demand for Spot FX

According to the official figures, Cboe FX Markets ended the month with a total volume of more than $773 billion, which is a month-over-month decline of more than 16 percent. However, the figures came in at 13.5 percent stronger when compared to the last month of the previous year.

The average daily volume (ADV) on the American platform for December came in at more than $35.1 billion. The figure came down from $41.8 billion in November, despite having 22 trading days in both months. A look into the daily volumes of last month shows the slowdown in trading activities that dipped in the last week of the month. It was the lowest on the day after Christmas when about $1.25 billion worth of FX instruments were traded compared to the monthly peak of over $57.7 million on the first day of the month.

The consolidated quarterly figures of Cboe FX Markets show that the total trading volume in the three months between October and December came in at $2.5 trillion, with an average daily volume of $39.8 billion.

Check out the recent London Summit session on "Prime Time: Liquidity Between Retail & Institutional Trading."

Spot FX Volume in Europe

360T, which is a major spot FX venue in Europe, reported a monthly volume of $490 billion. It came down from more than $545 billion in November, showcasing a month-over-month decline of 10 percent. Similar to Cboe, activities at 360T were at their lowest in the week following Christmas.

However, the trading activities last December improved from the year before. 360T reported $481 billion in total trading activities in December 2021, meaning the trading demand jumped by about 2 percent last month, year-over-year.

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