FXSpotStream, a New Jersey-based provider of multibank price streaming services for FX spot and swaps, has released its trading metrics for May 2023. The company reported $1.28 trillion in total monthly trading volumes, an increase of 16% compared to $1.1 trillion in April.

In the period, FXSpotStream recorded an average daily volume (ADV) of $55.5 billion, representing a 0.3% month-over-month (MoM) increase from the $55.3 billion in April. However, the ADV dropped 5% year-over-year (YoY) from $58.4 billion in May 2022.

Overall, in the past three months, the total volumes have moved sideways, with March, April, and May’s figures reaching $1.53 trillion, $1.1 trillion, and $1.27 trillion, respectively. In the same months, the ADV change MoM was +6.2%, -17.2%, and +0.4%, respectively.

Trading Activities See Recovery

FXSpotStream's data shows that the market activity is slightly recovering since climbing steadily during the first three months of the year. In January, February, and March, the streaming services provider recorded $60.6 billion, $ 62.9 billion, and $66.8 billion, respectively, compared to March and April's $55.3 billion and $55.5 billion.

The May 2023 trading volumes by the FX aggregation platform, which counts Barclays, Citi, and Commerzbank, among other liquidity providers as some of its clients, were spread across 23 days. In comparison, April and March's volumes were recorded in 20 and 23 days, respectively.

Cboe FX, 360T and Click365

Moreover, FXSpotStream May's trading volumes show a similar trends as those seen in other trading venues, including Cboe FX markets and 360T. Cboe FX Markets reported $938.9 billion in total trading volume in May, representing an 18.2% month-over-month increase.

Comparatively, the figure rose 7.8% compared to the same period last year but was lower than $1.1 trillion in spot forex volume handled by institutional platform in March. Furthermore, Cboe FX's ADV increased to $40.8 billion from $39.6 billion in the previous month.

Elsewhere, the top European institutional FX trading platform, Deutsche Börse's 360T, also saw its trading volumes increase to $593.6 billion in May from $507 billion recorded in April. In Japan, FX derivatives platform Click365 recorded trading volumes of 24 million contracts in May, with a daily average of 108,365 contracts. The demand increased by 31.4% on the venue compared to the previous month.