Institutional foreign exchange (FX) trading remained strong in February 2025, maintaining the positive momentum seen in January. According to a survey conducted by FNG, average trading volumes across major eFX venues rose by an average of 2.4% in February, following a remarkable 16% surge in January.

FXSpotStream reported the most significant growth, with February marking a new record for average daily volume (ADV). The platform achieved an ADV of $105.163 billion, up 3.88% from January’s $101.925 billion. Year-on-year, FXSpotStream’s ADV soared by 45.4% compared to February 2024. The platform’s spot trading volumes also hit a new high of $75.132 billion, while other products, including non-deliverable forwards (NDFs), saw a notable increase, with an ADV of $30.031 billion.

Institutional FX Trading Activity Remains Strong in February 2025

Other key venues showed mixed results. Cboe FX, formerly known as HotspotFX, reported a 1.2% increase in average daily volume, reaching $48.04 billion in February, up from $47.45 billion in January. Meanwhile, EuronextFX, which was previously FastMatch, saw a more significant jump, with a 6.2% increase in average daily volume, reaching $29.44 billion in February, up from $27.73 billion in January.

On the other hand, Deutsche Börse’s 360T experienced a slight decline of 2% in February, with its average daily volume dropping to $33.89 billion from $34.54 billion in January.

Despite the mixed results, the overall trend in institutional FX trading remains positive. The sector is ready for continued growth as increasing volumes indicate sustained investor confidence and market activity, further solidifying the FX market’s key role in the global financial landscape.

While platforms like FXSpotStream, Cboe FX, and EuronextFX saw notable growth, Deutsche Börse’s 360T experienced a slight dip. Despite this, the overall upward trend in trading volumes reflects a healthy and resilient market. As institutional investors continue to engage with various eFX venues, the sector is poised to maintain its growth trajectory, with expectations of sustained momentum throughout 2025.

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