Cboe FX volumes rose to $952.01 billion compared to August 2023.
360T reported higher numbers, while Euronext FX and Click365 showed lower monthly turnover.
According
to the latest data from Cboe FX, Deutsche Börse's 360T, Euronext FX, and Click
365, institutional investors showed mixed results in spot currency trading in September
2023. While Cboe reported a noticeable increase despite fewer trading days,
volumes in Japan shrank by nearly 17% compared to August 2023.
Cboe FX Reports Strong
September Volumes
The
American Cboe FX's total trading volume in September was higher than in August
despite fewer trading days. The September figure was $952.01 billion, compared
to $944.44 billion reported a month earlier.
With 21
trading days compared to 23 in August, this value led to a significant increase
in average daily volumes (ADV), which rose by over $4 billion to $45.33 billion
from $41.06 billion.
Turning
attention outside the US, 360T Deutsche Börse, a leading European institutional
FX trading platform, reported a volume of $585.77 billion over 20 trading days
in September.
This
represents a significant rebound from a sluggish August, where volumes were at
$508 billion and still lower than the July level of $616.6 billion. Finance
Magnates' calculations indicate that the ADV for this period was $29.29
billion.
Source: 360T
For
Euronext FX, a volume decline from $518 billion to $503 billion was reported in
September. However, this figure was better than the July report, which showed volumes
at $492 billion. The ADV for 21 trading days was $23.95 billion.
Source: Euronext
In Asia,
and specifically with Japan's Click365 operating under the Tokyo Financial
Exchange (TFX), the declines in volume were the most severe. The number of
contracts traded fell 16.7% month-over-month to 1,917,266. On a yearly
basis, this was a decline of 46.8%.
Research
conducted by BCG Expand confirms the mixed nature of these results. As
seen below, revenues from currency operations among the top 100 banks dropped more than 15% in the first six months of 2023.
If this pattern continues, it could mean a
second revenue decline in three years.
According
to the latest data from Cboe FX, Deutsche Börse's 360T, Euronext FX, and Click
365, institutional investors showed mixed results in spot currency trading in September
2023. While Cboe reported a noticeable increase despite fewer trading days,
volumes in Japan shrank by nearly 17% compared to August 2023.
Cboe FX Reports Strong
September Volumes
The
American Cboe FX's total trading volume in September was higher than in August
despite fewer trading days. The September figure was $952.01 billion, compared
to $944.44 billion reported a month earlier.
With 21
trading days compared to 23 in August, this value led to a significant increase
in average daily volumes (ADV), which rose by over $4 billion to $45.33 billion
from $41.06 billion.
Turning
attention outside the US, 360T Deutsche Börse, a leading European institutional
FX trading platform, reported a volume of $585.77 billion over 20 trading days
in September.
This
represents a significant rebound from a sluggish August, where volumes were at
$508 billion and still lower than the July level of $616.6 billion. Finance
Magnates' calculations indicate that the ADV for this period was $29.29
billion.
Source: 360T
For
Euronext FX, a volume decline from $518 billion to $503 billion was reported in
September. However, this figure was better than the July report, which showed volumes
at $492 billion. The ADV for 21 trading days was $23.95 billion.
Source: Euronext
In Asia,
and specifically with Japan's Click365 operating under the Tokyo Financial
Exchange (TFX), the declines in volume were the most severe. The number of
contracts traded fell 16.7% month-over-month to 1,917,266. On a yearly
basis, this was a decline of 46.8%.
Research
conducted by BCG Expand confirms the mixed nature of these results. As
seen below, revenues from currency operations among the top 100 banks dropped more than 15% in the first six months of 2023.
If this pattern continues, it could mean a
second revenue decline in three years.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
