The institutional spot FX average daily volume of major platforms declined overall in October2023. Among the six major institutions, only Cboe FX and FxSpotStream reported an increasein their spot FX average daily volume (ADV), while CLS, Euronext FX, 360T, and MoscowExchange saw a decrease month-on-month. Refinitiv's data was excluded from this month

Euronext FX saw the largest drop in its ADV, falling by 3.63% compared with September, whileCl S recorded the smallest decline, at 0.81%.

The details of the trading volumes of each institution are as follows:

Cboe FX

In October 2023, Cboe FX's spot ADV increased from US$45.33 billion in September toUS$46.75 billion, achieving a 3.13% increase, which is also higher than the same month of lastyear, which was 42.7 billion.

lts total trading volume reached $1.02 trillion in October 2023, 8.5 percent higher overSeptember 2023's $952 billion. On a vearly basis, the figure increased 15 percent against $896billion in October 2022

CLs

In October 2023, CLS's spot ADV saw a decline from US$495 billion in September to US$491billion, the m-o-m decrease is 0.81%.

But for total FX trading, the group saw average daily traded volumes of USD2.0 trillion, anincrease of 3.6% compared to October 2022. Over the same period, FX forward volumes wereup significantly by 57.8%, FX spot volumes increased by 0.6% and FX swap volumesdecreased by 0.5%

Euronext FX

In October 2023, Euronext FX's spot ADV decreased as well, dropping from US$24 billion inSeptember to Us$23.08 billion, the m-o-m decrease is 3.63%

But, the total trading volume of Euronext FX reached $507,790 million for the month, slightlyincreasing 0.9% compared to $503,013 million in the prior month and increasing 12.3%compared to $452,113 million in the same period of 2022

Total trading volume of futures reached 4,988,352 lots, down 2.5% MoM (September 20235,116,738 lots) and down 5.7% YoY (October 2022: 5,291,238 lots).

FxSpotStream

In October 2023, FxSpotStream's spot ADV increased moderately from US$52.2 billion inSeptember to Us$52.76 billion, achieving an 1.07% growth

The total ADV records the highest monthly ADV in the first ten months of this year with $67.7billion in October, 2.7% higher than $65.9 billion in September 2023 but 2.0% lower than $69.1billion in October 2022

The total trading volume on the FXSpotStream platform rose by 8.0% from $1.38 trillion to$1.49 trillion on a month-on-month basis, an increase of 2.8% compared to $1.45 trillion inOctober of 2022.

360T

In October 2023, 360T's spot ADV bounced decreased from US$29.13 billion in September toUS$28.59 billion, a 1.85% m-o-m decline. Compared with October 2022's ADV of USs237.8billion, however, it achieved a 20.24% year-on-year increase.

Moscow Exchange

In October 2023, the exchange's spot ADV saw a decline too, decreased from US$15.92 billionin September to US$15.4 billion, the decline is 3.27%.

On the other hand, the exchange reported the total trading volumes across its markets of RUB135.5 trillion (US$1.53 trillion) this month, a significant increase of 89.0% compared to RUB71.7 (Us$810 billion) in October 2022