Cboe FX Markets, a major institutional foreign exchange (forex) spot trading venue, handled $1.02 trillion in trading volume in March 2021, making it the second-best month for the platform in its operational history.
It was only behind the $1.2 trillion in monthly trading volume the platform witnessed in March 2020 with the extreme pandemic-induced market volatility . There was an almost 22 percent month-over-month jump in total trading volume last month, whereas the yearly surge stood at over 16 percent.
The average daily volume (ADV) on the platform for last month came in at $44.4 billion, compared to the previous month’s $42 billion. March had 23 trading days, while February had only 20.
According to the daily data published by the platform, there were increased trading activities on the spot trading platform in the first couple of weeks of the month before it slowed down below its ADV.
The surge in the trading volume last month did not come as a surprise as the American platform was already witnessing an upward trajectory in demand in the previous couple of months.
A Big Quarter
Coming to the quarterly figures, it was against the second-best quarter for the platform in terms of demand from its clients. The total volume generated in the first three months of the ongoing year came in at $2.63 trillion with an ADV of $41.09 billion. In the previous quarter, the platform handled $2.17 trillion in volume, putting the quarter-over-quarter surge at more than 21 percent.
Furthermore, it is to be noted that usually there is a cyclical trend in the trading market with increased activities of the traders in the first three months of every year.
