The demand for institutional foreign exchange (FX) trading rebounded in June for the second consecutive month, despite a lower number of trading days than in May. This trend can be observed in the latest results published by Cboe FX Markets, Deutsche Börse's 360T, and Tokyo Financial Exchange's Click365.

Cboe Reports an Increase in Spot FX Volumes in June

According to official data, Cboe FX Markets reported total volumes in the currency market at $965.4 billion, which is nearly $30 billion higher than in May. The total value was higher even though there were fewer trading days in June, numbering 22 (compared to 23 in May).

This translated into a higher average daily volume (ADV) value. It reached $43.9 billion, growing $3 billion month-over-month (MoM). This is also the highest value since March and a better result than what was recorded in June 2022. At that time, the ADV index for Cboe FX Markets was $39.7 billion, with 22 trading days.

Two months ago, Cboe Global Markets published a quarterly report, highlighting the achievement of a series of new records by Cboe FX in the first three months of 2023. The spot FX quarterly ADV in this period was $43.9 billion, growing 7.2% compared to Q1 2022.

ADV Also Grows in Europe and Asia

Looking at the market outside the USA, it is worth taking a closer look at 360T, the largest institutional FX trading platform in Europe. The total volume in the FX market was $537.2 billion in June, slipping compared to May when the turnover reached nearly $600 billion.

However, the ADV value was slightly larger and amounted to $26.9 billion compared to $25.3 billion reported a month earlier. The difference results from the lower number of trading days in the past month compared to May.

In the Japanese market, Click365, an FX derivatives venue operated by the Tokyo Financial Exchange, achieved a trading volume of 28 million contracts, which translates to a MoM growth of 10.4% compared to 24 million contracts reported in May. The average daily number of contracts also increased significantly, from 108,000 to 125,000. However, there was a strong annual decline of 32.8%.