Key Moments
- Combined average FX trading volumes at FXSpotStream, Cboe FX, EuronextFX, and 360T declined by 3.0% month over month in November 2025.
- FXSpotStream reported overall average daily volume of USD125.026 billion in November 2025, with total ADV up 24.63% year over year for the month.
- All four venues saw month-over-month ADV declines in November 2025, ranging from 0.1% to 4.2%.
Broad Slowdown Across Major Institutional FX Venues
Reversing the modest improvement seen in October, institutional foreign exchange activity softened in November 2025 as low volatility persisted across major currency pairs.
Average FX trading volumes across FXSpotStream, Cboe FX, EuronextFX, and Deutsche Börse’s 360T fell by 3.0% month over month, with no venue in this group posting a monthly increase in activity.
Venue-by-Venue Breakdown of November 2025 FX Flows
| Platform | Metric | November 2025 | Comparison Period | Change |
|---|---|---|---|---|
| Cboe FX (formerly HotspotFX) | Average daily volume (ADV) | $49.61 billion | October 2025: $51.76 billion | -4.2% MoM |
| EuronextFX (formerly FastMatch) | ADV | $23.69 billion | October 2025: $24.70 billion | -4.1% MoM |
| FXSpotStream – Total | Overall ADV | USD125.026 billion | October 2025 (MoM) / November 2024 (YoY) | -3.54% MoM, +24.63% YoY |
| FXSpotStream – Spot | Spot ADV | USD83.374 billion | October 2025 (MoM) / November 2024 (YoY) | -2.89% MoM, +15.35% YoY |
| FXSpotStream – Other products | Other ADV | USD41.652 billion | October 2025 (MoM) / November 2024 (YoY) | -4.81% MoM, +48.56% YoY |
| 360T | ADV | $33.92 billion | October 2025: $33.95 billion | -0.1% MoM |
Cboe FX and EuronextFX Post Mid-Single-Digit Monthly Declines
At Cboe FX (formerly HotspotFX), average daily volumes in November 2025 totaled $49.61 billion, representing a 4.2% decline compared with October’s $51.76 billion.
EuronextFX (formerly FastMatch) recorded November 2025 ADV of $23.69 billion, down 4.1% from October’s ADV of $24.70 billion.
FXSpotStream: Strong Year-on-Year Growth Despite Monthly Pullback
Following back-to-back record-setting months for ADV in September and October, FXSpotStream reported overall average daily volume of USD125.026 billion in November 2025. This figure was composed of Spot ADV of USD83.374 billion and ADV of USD41.652 billion in other products.
For the year to date, covering the period from January through November, FXSpotStream’s overall ADV is up 25.45% compared with the same period a year earlier, while Spot ADV over that span is higher by 18.75% year over year.
The platform detailed its November 2025 performance as follows:
- FXSpotStream’s Total ADV month over month (Nov’25 vs Oct’25) decreased 3.54%.
- FXSpotStream’s Total ADV year over year (Nov’25 vs Nov’24) increased 24.63%.
- FXSpotStream’s Spot ADV month over month (Nov’25 vs Oct’25) decreased 2.89%.
- FXSpotStream’s Spot ADV year over year (Nov’25 vs Nov’24) increased 15.35%.
- FXSpotStream’s Other ADV month over month (Nov’25 vs Oct’25) decreased 4.81%.
- FXSpotStream’s Other ADV year over year (Nov’25 vs Nov’24) increased 48.56%.
360T Sees Marginal Dip in Volumes
Average daily volumes at Deutsche Börse’s 360T reached $33.92 billion in November 2025, only slightly lower than October’s $33.95 billion, a decline of 0.1% month over month.
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