Market Metrics That Matter: Cboe FX May Volume Highlights

• In May 2026, Cboe FX Spot Average Daily Volume (ADV) reached $54.9 billion, a 14.4% increase from $48.0 billion in May 2025.
• Cboe SEF ADV¹ topped $4.8 billion, representing a 54.5% increase from May 2025’s ADV of $3.1 billion. Cboe SEF also observed a new single-day record of $7.2 billion on May 5.
• At $20.1 billion, Cboe FX ECN Firm ADV² accounted for 51.4% of the Spot ECN total, a 14.5% increase from $17.5 billion in May 2025.
• At $2.9 billion, Cboe FX ECN Metals ADV increased 26.5% from May 2025’s ADV of $2.4 billion and accounted for 7.7% of the Spot ECN total.
• Cboe’s U.S. Treasuries platform continues onboarding 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/j6jss8/2014836673/h/JvcER1_PRGllv9paAns0jS5LWjkKsIwciva__Yuotdk.}

^{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/j6jssc/2014836673/h/JvcER1_PRGllv9paAns0jS5LWjkKsIwciva__Yuotdk.}

^{Further information on Cboe FX “Full Amount” offering can be found at: https://goglobal.cboe.com/e/123862/bal-fx-spot–trading-protocols/j6jssg/2014836673/h/JvcER1_PRGllv9paAns0jS5LWjkKsIwciva__Yuotdk.}

^{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/j6jssk/2014836673/h/JvcER1_PRGllv9paAns0jS5LWjkKsIwciva__Yuotdk. 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/j6jssr/2014836673/h/JvcER1_PRGllv9paAns0jS5LWjkKsIwciva__Yuotdk.}

^{2026 Cboe Exchange, Inc. All rights reserved.}

^{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.}