- In September 2026, Cboe FX Spot Average Daily Volume (ADV) reached $61.6 billion, a 25.6% increase versus September 2025's ADV of $49.1 billion.
- Cboe SEF ADV1 topped $4.7 billion, representing a 41.0% increase from $3.3 billion in September 2025. On September 10th, The LD4 venue recorded $1.2 billion in notional traded, a new single-day high-water mark.
- At $25.7 billion, Cboe FX ECN Firm ADV2 accounted for 56.5% of the Spot ECN total, the highest recorded percentage of Firm ADV on Spot ECN, and a 45.0% increase from $17.7 billion in September 2025.
- Cboe's U.S. Treasuries platform observed a record day of $2.8 billion on September 30th and continues onboarding new participants. For more information and 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://go.cboe.com/e/77532/products-hotspot-volumes-jsp/frp91f/1465680555/h/b_wxoUSWxNcIz_1LJn9UqbcG5ve8espSnP_bUMIsj7k
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://go.cboe.com/e/77532/oducts-hotspot-volumes-api-jsp/frp91j/1465680555/h/b_wxoUSWxNcIz_1LJn9UqbcG5ve8espSnP_bUMIsj7k
Further information on Cboe FX “Full Amount” offering can be found at: https://go.cboe.com/e/77532/bal-fx-spot--trading-protocols/frp91m/1465680555/h/b_wxoUSWxNcIz_1LJn9UqbcG5ve8espSnP_bUMIsj7k
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 www.cboe.com/global/fx/sef.
Consistent with Cboe SEF's CFTC regulatory obligation, all transactions involving a Credit Intermediary are reported to the SDR (DTCC). Credit Intermediary volumes are therefore double counted. Other notional values are shown as single-counted.
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://go.cboe.com/e/77532/pdfs-operation-pdf/frp91t/1465680555/h/b_wxoUSWxNcIz_1LJn9UqbcG5ve8espSnP_bUMIsj7k.
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.
