January 2026 Highlights
- In January 2026, Cboe FX reached new highs with a monthly Spot ADV of $63.3B, a 33.4% increase versus January 2025 ($47.4B).
- Cboe SEF ADV1 also topped new records in January at $3.9B, a 37.3% increase versus January 2025 ($2.6B).
- At $23.2B, Cboe FX ECN Firm ADV2 accounted for 50.6% of the Spot ECN total, highest Firm ADV recorded on Spot ECN, and a 42.2% increase versus January 2025 ($16.3B).
- At $6.1B, Cboe FX ECN Metals ADV accounted for 13.3% of the Spot ECN total, a new high-water mark and a 349.2% increase versus January 2025 ($1.4B).
- Cboe’s U.S. Treasuries platform observed a record day of $1.6B on January 7th and continues on-boarding new participants. For more information and to sign up to receive the latest updates, subscribe via Cboe U.S. Treasuries.
Average Daily Volumes
Source: Cboe
Full Amount ADV
Source: Cboe
Firm Liquidity ADV
Source: Cboe
NDFs and Spot MENA Pairs
Source: Cboe
Spot Market Overview
Source: Cboe
Spot Metals
Source: Cboe
Cboe FX daily, monthly, and quarterly spot FX volumes are posted on: https://goglobal.cboe.com/e/123862/products-hotspot-volumes-jsp/j5y3jf/1922866590/h/IZZ50CkGlXf4qrO6-3jxY6uJIbni3UoezNmV0G19HLA. Cboe FX volumes represent the notional value of the U.S. dollar leg of all transactions executed on the platform (and, if neither leg of a transaction is denominated in U.S. dollars, the U.S. dollar-equivalent of the currency in which one leg is denominated). A further breakdown of currency pair data is available via API at: https://goglobal.cboe.com/e/123862/oducts-hotspot-volumes-api-jsp/j5y3jj/1922866590/h/IZZ50CkGlXf4qrO6-3jxY6uJIbni3UoezNmV0G19HLA. Further information on Cboe FX “Full Amount” offering can be found at: https://goglobal.cboe.com/e/123862/bal-fx-spot–trading-protocols/j5y3jm/1922866590/h/IZZ50CkGlXf4qrO6-3jxY6uJIbni3UoezNmV0G19HLA.
All volume data comparing Cboe FX with other venues has been normalized to account for different counting methodologies. Average Daily Volume (ADV) reported by each platform will not be based on the same number of trading days for a given month due to observed national or bank holidays unique to the jurisdiction in which a given platform is located. Cboe FX counts each day that a platform is open as a trading day.
All Cboe FX statistics include data from both the NY5 and LD4 matching engines, unless otherwise indicated.
1 Cboe SEF volumes are reported daily and can be found at https://goglobal.cboe.com/e/123862/global-fx-sef/j5y3jq/1922866590/h/IZZ50CkGlXf4qrO6-3jxY6uJIbni3UoezNmV0G19HLA. All Cboe SEF, LLC volumes are shown as single-counted notional values.
2 The Cboe FX platform permits the submission and posting of firm, and, under certain limited circumstances, non-firm quotes. Accordingly, users should be aware that (unless otherwise agreed with Cboe FX) they view and interact with both firm and non-firm bids and offers when accessing and transacting on the Cboe FX platform. For more information, please refer to Cboe FX Markets’ Operating Procedures on the Cboe FX website at: https://goglobal.cboe.com/e/123862/pdfs-operation-pdf/j5y3jx/1922866590/h/IZZ50CkGlXf4qrO6-3jxY6uJIbni3UoezNmV0G19HLA.
