Wild volatility in the currency markets (and the financial markets as a whole) following the introduction of US President Donald Trump’s aggressive trade tariffs on April 2 “Liberation Day” has led to one of the most active months ever in institutional FX trading.
Following a strong Q1 ending with a record March in the institutional FX markets, April was even better with trading volumes up 13%. Each of the leading eFX venues surveyed by FNG – FXSpotStream, Cboe FX, EuronextFX and 360T – saw activity increases of between 4-21% during April 2025.
Cboe FX (formerly HotspotFX)
- April 2025 average daily volumes were $61.90 billion, +18.8% from March’s $52.11 billion.
EuronextFX (formerly FastMatch)
- April 2025 ADV $38.16 billion, +21.8% from March’s ADV of $31.33 billion.
FXSpotStream
- April saw FXSpotStream set a new high in terms of Overall ADV at USD122.02billion. This marked a 4.4% increase MoM (when compared to March 2025) and 32.8% YoY (vs. April 2024). April’s ADV surpasses its previous high of USD116.89billion set last month (March 2025).
- April’s Overall ADV consisted of USD91.41billion in Spot (a new high on the Service) and USD30.61billion across other products.
360T
- Average daily volumes (ADV) at 360T came in at $39.58 billion in April 2025, up 7.5% from March’s $36.81 billion.
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