Cboe FX October Volume Report

October Highlights

• In October 2025, Cboe FX recorded a monthly Spot Average Daily Volume (ADV) of $51.8 billion, a 20.9% increase from October 2024 ($42.8 billion).
• Cboe SEF ADV¹ topped $3.4 billion in October, its second highest monthly ADV on record and a 118.2% increase from October 2024 ($1.5 billion).
• At $18.9 billion, Cboe FX ECN Firm ADV² accounted for 51.7% of the Spot ECN total, second only to April 2025 ($22.4 billion), and a 34.0% increase from October 2024 ($14.1 billion).
• Cboe FX Spot Full Amount reached an ADV of $15.2 billion in October, a 15.1% increase from October 2024 ($13.2 billion).
• Cboe’s U.S. Treasuries platform continues to on-board 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

Volumes

Firm Liquidity ADV

Full Amount ADV

Top Traded Pairs

^{Cboe FX daily, monthly, and quarterly spot FX volumes are posted on: https://fx.cboe.com/products/hotspot_volumes.jsp. 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://fx.cboe.com/products/hotspot_volumes_api.jsp. Further information on Cboe FX “Full Amount” offering can be found at: https://www.cboe.com/global/fx/spot/#trading-protocols.}

^{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://www.cboe.com/global/fx/sef. 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://fx.cboe.com/pdfs/operation.pdf.}

^{There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/. These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. © 2025 Cboe Exchange, Inc. All Rights Reserved.}