March 2026 Highlights
- In March 2026, Cboe FX Spot Average Daily Volume (ADV) reached $74.5 billion, a new all-time high, and a 42.9% increase from March 2025’s ADV of $52.1 billion.
- Cboe FX and Cboe SEF observed new single day records in March: $109.1 billion on March 3 for Cboe FX, and $6.7 billion on March 6 for Cboe SEF.
- Cboe SEF ADV1 topped $5.4 billion, the highest ADV recorded on our SEF, and a 101.9% increase from $2.7 billion in March 2025.
- At $29.2 billion, Cboe FX ECN Firm ADV2 accounted for 53.6% of the Spot ECN total, a new high-water mark, and a 56.5% increase from $16.5 billion in March 2025.
- Cboe FX ECN Metals ADV increased 207.4% to $4.7 billion from $1.5 billion in March 2025 and accounted for 8.5% of the Spot ECN total.
- Cboe’s U.S. Treasuries platform observed a record day of $1.9 billion on March 31 and continues on-boarding new participants. For more information and to sign up to receive the latest updates, subscribe via Cboe U.S. Treasuries.
Cboe FX Spot Market Overview
Average Daily Volumes
Firm Liquidity ADV
Full Amount ADV
Top Traded Pairs
Cboe FX daily, monthly, and quarterly spot FX volumes are posted on: https://goglobal.cboe.com/e/123862/products-hotspot-volumes-jsp/j6827f/1966460835/h/6iQlaS8o0ALM6OC4O2_IY80Q46UCtd5tuNRkwQfUsIg. 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/j6827j/1966460835/h/6iQlaS8o0ALM6OC4O2_IY80Q46UCtd5tuNRkwQfUsIg. Further information on Cboe FX “Full Amount” offering can be found at:
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/j6827q/1966460835/h/6iQlaS8o0ALM6OC4O2_IY80Q46UCtd5tuNRkwQfUsIg. 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/j6827x/1966460835/h/6iQlaS8o0ALM6OC4O2_IY80Q46UCtd5tuNRkwQfUsIg.
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The information provided is for general education and information purposes only. No statement provided should be construed as a recommendation to buy or sell a security, future, financial instrument, investment fund, or other investment product (collectively, a “financial product”), or to provide investment advice.
