Institutional FX Trading Surges in 2024 – Kicking off?

Explore the robust growth in institutional FX trading volumes during January 2024, led by FXSpotStream’s exceptional performance.

Home » Institutional FX Trading Surges in 2024 – Kicking off?

The institutional FX trading landscape in 2024 has kicked off with notable momentum, as evidenced by a substantial increase in average daily trading volumes (ADV) at leading electronic foreign exchange (eFX) and Electronic Communication Networks (ECNs) during January. FNG’s analysis reveals that three out of the four surveyed ECNs – FXSpotStream, 360T, and EuronextFX – experienced volume increases, with FXSpotStream particularly standing out, achieving an all-time high and making January a standout month in the sector.

In specific figures, January 2024 reported an average daily trading volume of $43.629 billion, indicating a modest 2.0% decline from December’s robust figure of $44.523 billion. However, the average daily volume (ADV) for January 2024 showcased a positive trend, standing at $24.933 billion. This marks a notable 1.8% increase compared to December’s ADV of $24.481 billion, indicating a resilient start to the year.

Institutional FX Trading Surges in 2024

The star performer of the month undoubtedly was FXSpotStream, boasting a record-high total ADV of USD 73.645 billion. This comprised USD 54.737 billion in Spot ADV and USD 18.902 billion in Other ADV. The month-over-month (MoM) and year-over-year (YoY) comparisons for FXSpotStream were equally impressive.

Total ADV increased by 13.64% MoM and a substantial 21.59% YoY. Spot ADV showed an 11.23% MoM increase and an impressive 10.22% YoY increase, while Other ADV recorded substantial growth with a 21.24% MoM increase and an outstanding 73.35% YoY increase.

In contrast, Cboe FX experienced a marginal 2% volume decline during January. Nevertheless, the overall landscape for institutional FX trading remains robust. ADV at 360T displayed a healthy uptick, reaching $28.758 billion in January 2024, reflecting a 3.9% increase compared to the previous month’s figure of $27.688 billion. This positive momentum suggests a promising trajectory for institutional FX trading in the coming months, highlighting the resilience and dynamism of the market amid changing dynamics.

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