Institutional FX trading volumes dropped sharply across major platforms in May 2025, driven by low volatility and a lack of market-moving events.
Year-over-year figures remain positive, but the month saw the steepest declines in a while, with FXSpotStream's ADV falling 20%.
May was a
challenging month for institutional foreign exchange (FX) markets. After a
period of relative stability, trading volumes across major platforms, including
Cboe, FXSpotStream, TFX, Euronext, and Fastmatch’s 360T, experienced a steep
decline compared to the April highs.
This
downturn surprised many market participants, especially given the unchanged
number of trading days compared to previous months. What caused such a dramatic
drop in institutional FX volumes? Let's break down the numbers and examine the
factors behind this shift.
Uncertainty
over central bank policies, particularly from the Federal Reserve and Bank of
Japan, led to a “wait-and-see” approach among institutional players.
Additionally, the absence of major geopolitical events or economic data
releases kept traders on the sidelines, resulting in lower turnover across the
board.
By
contrast, in May, the dollar’s drop was limited to just 0.2%, which led to a
notable pullback in institutional FX volumes, as illustrated by the examples
below.
US Market Activity Hit
Multi-Month Lows
The
US-based Cboe exchange saw a notable decrease in both total FX volumes and
average daily value (ADV) during May. Despite having the same number of trading
days as April, Cboe’s total turnover settled at $1.06 trillion, marking the
lowest level since February.
Daily
trading volumes also slipped, reaching just under $48 billion, a three-month
low. While these figures may seem discouraging, it’s important to note that
year-on-year comparisons remain positive.
In May
2024, Cboe’s total FX volume was $971 billion, with an ADV of $42 billion,
indicating that the market has grown over the past year, even if the recent
monthly trend has been negative.
The USD/JPY
currency pair, which remains the core driver of activity on the platform, saw a
pronounced drop in trading. Volume for this pair alone fell 32%
month-over-month and 20% year-over-year.
Across all
major traded markets on TFX, there was no month-on-month growth, highlighting
the widespread nature of the slowdown.
FXSpotStream: First
Sub-$100 Billion ADV in Months
FXSpotStream
also reported a significant dip in activity. For the first time since December
2024, its average daily volume (ADV) fell below $100 billion. The total ADV
contracted from $122 billion in April to just under $99 billion in May.
While other
ADV components remained steady at $31 billion, spot ADV saw a more pronounced
decline, shrinking from $91.4 billion to $68 billion. This drop underscores the
broad-based nature of the slowdown affecting both spot and other FX products.
Source: FXSpotStream
Significant Contraction in
Europe
Euronext was
not immune to the broader market malaise, with its FX trading volumes
experiencing a substantial contraction. In May, total volumes fell to $719.8
billion, down from $893.1 billion reported in April.
The average
daily volume also decreased, moving from $37.2 billion to $32.7 billion. This
decline reflects a general reluctance among institutional players to engage in
the market amid low volatility and limited trading catalysts.
Moreover, Fastmatch’s
360T platform posted the weakest results among major FX venues in May. Total
turnover plummeted to $605.1 billion, a sharp fall from the nearly $871 billion
reported the previous month.
The average
daily volume also suffered, dropping from almost $40 billion in April to just
$27.5 billion in May.
With
volatility at a low ebb and few significant economic or geopolitical events to
spur trading, institutions largely chose to remain on the sidelines.
May was a
challenging month for institutional foreign exchange (FX) markets. After a
period of relative stability, trading volumes across major platforms, including
Cboe, FXSpotStream, TFX, Euronext, and Fastmatch’s 360T, experienced a steep
decline compared to the April highs.
This
downturn surprised many market participants, especially given the unchanged
number of trading days compared to previous months. What caused such a dramatic
drop in institutional FX volumes? Let's break down the numbers and examine the
factors behind this shift.
Uncertainty
over central bank policies, particularly from the Federal Reserve and Bank of
Japan, led to a “wait-and-see” approach among institutional players.
Additionally, the absence of major geopolitical events or economic data
releases kept traders on the sidelines, resulting in lower turnover across the
board.
By
contrast, in May, the dollar’s drop was limited to just 0.2%, which led to a
notable pullback in institutional FX volumes, as illustrated by the examples
below.
US Market Activity Hit
Multi-Month Lows
The
US-based Cboe exchange saw a notable decrease in both total FX volumes and
average daily value (ADV) during May. Despite having the same number of trading
days as April, Cboe’s total turnover settled at $1.06 trillion, marking the
lowest level since February.
Daily
trading volumes also slipped, reaching just under $48 billion, a three-month
low. While these figures may seem discouraging, it’s important to note that
year-on-year comparisons remain positive.
In May
2024, Cboe’s total FX volume was $971 billion, with an ADV of $42 billion,
indicating that the market has grown over the past year, even if the recent
monthly trend has been negative.
The USD/JPY
currency pair, which remains the core driver of activity on the platform, saw a
pronounced drop in trading. Volume for this pair alone fell 32%
month-over-month and 20% year-over-year.
Across all
major traded markets on TFX, there was no month-on-month growth, highlighting
the widespread nature of the slowdown.
FXSpotStream: First
Sub-$100 Billion ADV in Months
FXSpotStream
also reported a significant dip in activity. For the first time since December
2024, its average daily volume (ADV) fell below $100 billion. The total ADV
contracted from $122 billion in April to just under $99 billion in May.
While other
ADV components remained steady at $31 billion, spot ADV saw a more pronounced
decline, shrinking from $91.4 billion to $68 billion. This drop underscores the
broad-based nature of the slowdown affecting both spot and other FX products.
Source: FXSpotStream
Significant Contraction in
Europe
Euronext was
not immune to the broader market malaise, with its FX trading volumes
experiencing a substantial contraction. In May, total volumes fell to $719.8
billion, down from $893.1 billion reported in April.
The average
daily volume also decreased, moving from $37.2 billion to $32.7 billion. This
decline reflects a general reluctance among institutional players to engage in
the market amid low volatility and limited trading catalysts.
Moreover, Fastmatch’s
360T platform posted the weakest results among major FX venues in May. Total
turnover plummeted to $605.1 billion, a sharp fall from the nearly $871 billion
reported the previous month.
The average
daily volume also suffered, dropping from almost $40 billion in April to just
$27.5 billion in May.
With
volatility at a low ebb and few significant economic or geopolitical events to
spur trading, institutions largely chose to remain on the sidelines.
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.
ASX Faces $150M Capital Charge After Scathing Inquiry Finds Years of Neglect
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
