Finance Feeds logo

Cboe FX volume crosses the trillion dollar milestone

abdelaziz Fathi

Cboe’s institutional spot FX platform today announced its trading volume for the month ending March 2022, which marks its second-highest month ever.

Cboe

Cboe FX disclosed a total trading volume of $1.02 trillion, up 22 percent on a month-over-month basis from $840 billion in February‎. This figure is the best reading for the exchange’s monthly turnover since it hit a record peak in March 2020 at $1.20 trillion. In addition, it was higher by 16 percent year-over-year when weighed against $880 billion in March 2021.

The exchange’s institutional FX trading venue saw its average daily trading volumes amounting to $44.4 billion in March 2022, up 5 percent month-over-month from $42 billion the previous month. The ADV figure was also the highest since March 2020 when it hit $55 billion.

On a year-over-year basis, the ADV numbers released by Cboe FX, formerly Hotspot, illustrated stronger performance, rising by 15.8 percent when weighed against $38 billion a year earlier.‎

Cboe FX saw a sizable increase across its total trading volumes amid coronavirus-driven volatility that has shaken awake previously slumbering FX markets. However, activity at major institutional ECNs has been consolidating in the fourth quarter as intense chaos triggered by Covid-19 lost some steam.

Cboe widens FX market share

Cboe’s foreign exchange franchise saw its market share at a new all-time high of 17.0 percent in in 2021 compared to 15.9 percent the year prior. During the period, the demand for Cboe’s versatile products had been revived by concerns over the COVID-19 pandemic and uncertainty surrounding the FED’s policy even as it drove many investors onto the sidelines.

Recently, Cboe FX Markets teamed up with XTX Markets to launch a hosted algorithmic execution service. The connection between the London-based market maker and Cboe comes as algo trading as an execution strategy gains popularity with FX traders.

XTX Markets’ Execution Algo now enables Cboe FX users to benefit from its implementation shortfall execution algorithm, which aims to reduce slippage to arrival price. The institutional FX venue has also secured exclusive rights over use of the XTX Algo in the anonymous ECN space.

Cboe also completed the technology migration of Canada’s largest dark pool stock trading platform, MatchNow, which was acquired in 2020 from Virtu Financial for an undisclosed price.

We caught up with Ben Leit, global head of FX & FI sales at Cboe, to uncover emerging trends in the FX industry and learn more about the bourse operator’s recent initiatives.

Subscribe

Read this next

Fintech

TNS brings full-stack market data management to EMEA

“We are also delighted to have Ben Myers join our London-based TNS Financial Markets team as Head of Strategic Sales for EMEA, to bolster our presence in the region.”

Chainwire

Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Symbol of Ramp network
Executive Moves

INFINOX hires Mayne Ayliffe as Global Head of HR

“I look forward to working with our teams around the world to develop a strategic HR agenda that supports high performance and is centred on human motivation.”

Mayne Ayliffe joins INFINOX
Fintech

Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Journalists interviewing a man with blue and red microphone
Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”

<
✖