The trading volume of the major institutional platforms in the world for March 2023 has been announced, showing an overall upward trend. The report covers the average daily volume (ADV) of institutional currency trading volumes across six major venues, namely Cboe FX, CLS, Euronext FX, FxSpotStream, Refinitiv, 360T, as shown in the chart below.

All six companies saw their average daily currency trading volume increase in March 2023 compared to the previous month. Overall, Cboe saw the largest monthly increase at 15.5 percent, followed by Euronext FX and CLS at 10.2 percent and 6.6 percent. FxSpotStream, 360T and Refinitiv achieved sequential growth of 6.4%, 5.3% and 2%, respectively.

Detailed trading volumes for each venue are as follows:

Cboe FX

Total trading volume on Cboe Spot for the month was $1,112.09 billion, compared with $837.915 billion in February 2023. The average daily volume (ADV) for March 2023 reached $48.352 billion, up 15.5% compared to $41.896 billion the previous month.

CLS

In March 2023, the average daily volume of CLS was $2.12 trillion, down 0.2% compared to March 2022. Currency forward volumes increased 23.8 percent, swaps volumes remained unchanged, while spot volumes fell 6.3 percent to $0.516 trillion.

Euronext

Euronext currency pair market turnover amounted to US $521,214 million, up 26.4% compared to US $412,193 million in January and down 13.2% compared to US $66,615 million in the same period last year.

Euronext FX ADV for the month was $22.661 billion, up 10.0% from $20.61 billion in the previous month and down 13.2% from $26.114 billion in the same period last year.

FxSpotStream

The company's total trading volume for the month was $1.536 trillion, compared with $1.257 trillion in February, up 22 percent month-on-month and down 4.8 percent year-over-year. There were 23 trading days in March, compared to 20 in February.

In March 2023, FXSpotStream's average daily volume (ADV) was $66.8 billion, an increase of 6.2% sequentially, but a decrease of 4.8% compared to the same period last year.

Refinitiv

Refinitiv's ADV, which includes currency pair trading on its platforms Refinitiv Matching and FXall, was up 3.3% month-on-month from $459 billion in the previous month and down 3.3% year-over-year from $490 billion in the same month last year.

Spot currency pair trading volume on Refinitiv reached $104 billion in the month, up 2.0% month-on-month from $102 billion in February 2023, but down 7.1% year-over-year from $112 billion in the same month last year.

360T

In March 2023, 360T's average daily trading volume was $27.9 billion, an increase of 5.2% compared to $26.5 billion in February 2023.