Institutional FX trading volumes cool 5% in February 2026

Following a record month of January to start off the year, things cooled somewhat during February 2026 in the institutional FX trading market.

Each of FXSpotStream, Cboe FX, EuronextFX and Deutsche Borse’s 360T saw month-over-month trading volume declines of between 1% and 11% during February, as January’s wild currency market volatility gave way to more muted trading patterns. Overall, the average volume decline in February came in at a shade over 5%.

Cboe FX (formerly HotspotFX)

• February 2026 average daily volumes were $59.67 billion, -5.7% from January’s $63.30 billion.

EuronextFX (formerly FastMatch)

• February 2026 ADV $31.10 billion, -10.9% from January’s ADV of $34.89 billion.

FXSpotStream

• Following an exceptional start to the year and a record-breaking January, FXSpotStream continued to see strong momentum throughout February. While volumes saw a slight dip from January’s historic highs FXSpotStream’s growth trajectory remains incredibly robust. Most notably, the company continues to see fantastic YoY growth, reinforcing the sustained strength of the Service and the continued support of clients and LP partners.
• FXSpotStream saw overall ADV of USD151.7 billion in Feb ‘26, with Spot ADV at USD105.6 billion and USD46.1 billion in Other Products.
• FXSpotStream’s Total ADV MoM (Feb ‘26 vs Jan ‘26) decreased 1.70%.
• FXSpotStream’s Total ADV YoY (Feb ‘26 vs Feb ‘25) increased 44.24%.
• FXSpotStream’s Spot ADV MoM (Feb ’25 vs Jan ‘26) decreased 2.29%.
• FXSpotStream’s Spot ADV YoY (Feb ‘26 vs Feb ‘25) increased 40.57%.
• FXSpotStream’s Other ADV MoM (Feb ‘26 vs Jan ‘26) decreased 0.30%.
• FXSpotStream’s Other ADV YoY (Feb ‘26 vs Feb ‘25) increased 53.42%.

360T

• Average daily volumes (ADV) at 360T came in at $39.91 billion in February 2026, down 1.8% from January’s $40.64 billion.