Cboe FX November Volume Report

November Highlights

• In November 2025, Cboe FX recorded a monthly Spot Average Daily Volume (ADV) of $49.6 billion, up from $47.7 billion, or 4.0%, from November 2024.
• Cboe SEF ADV¹ topped $3.5 billion in November, a new high watermark, and an 89.1% increase from November 2024's ADV of $1.9 billion.
• At $18.4 billion, Cboe FX ECN Firm ADV² accounted for 52.9% of the Spot ECN total, highest share of Firm ADV recorded on Spot ECN, and a 14.8% increase from November 2024's ADV of $16.0 billion.
• At $2.4 billion, Cboe FX ECN Metals ADV accounted for 6.9% of the Spot ECN total, third highest Metals ADV recorded on Spot ECN and up from $1.3 billion, or 82.9%, from November 2024.
• 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

Cboe FX 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.}