FXSpotStream reports $1.3 trillion month trading volumes in January
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FXSpotStream reported total monthly trading volumes of $1.3 trillion in January 2023. The number was a 3% increase from the $1.26 trillion reported in December. FXSpotStream also reported a 5.2% jump in the average daily volume (ADV).
FXSpotStream hits $1.3 trillion trading volumes in January
FXSpotStream LLC is a company that provides access to multibank FX aggregation services targeting the spot FX trading market. The company released its trading metrics for January 2023, with monthly trading volumes and ADV reaching $1.3 trillion and $60.6 billion, respectively. The company reported an ADV of $57.6 billion in December 2022.
Despite the significant month-over-month increase in trading volumes, FXSpotStream reported an even higher year-over gain. The January 2023 total volumes were 14.3% higher compared to January 2022.
The company has reported notable growth in its financials in the first month of 2023 despite the expected departure of Alan F. Schwartz from the company. Schwartz was among the co-founders of the company in 2011. He was actively involved in the company’s growth and steered it towards accessing more clients and liquidity providers such as Commerzbank, Barclays, Societe Generale, and Citi.
Spot FX volumes recover from December lows
FXSpotStream is not the only spot FX brokerage platform that has reported a notable recovery in the first month of 2023. The entire industry has reported a remarkable recovery, with volumes significantly higher than they were by the end of 2022.
One of the brokerage platforms that have reported a remarkable recovery is Cboe FX. The latter is the institutional forex trading platform that Cboe, a Chicago-based company, owns. Cboe FX reported a 16% growth in trading volumes in January, which came in at $901 billion. The company reported $773 billion in trading volumes in December 2022.
Cboe FX also reported an 18% increase in the average daily volumes. The ADV for January 2023 came in at $41.3 billion. On the other hand, the total monthly volumes reported in January 2023 were also a 17.4% increase from the $767.7 billion reported in January 2022.
US-based brokerage platforms are not the only ones reporting growth. 360T, a forex brokerage platform based in Europe, reported a 4.5% increase in the total monthly trading volumes to $512 billion. The figure reported by the Deutsche-Bourse-owned platform increased from the $490 billion reported in December 2022. The total volumes were also 7.5% higher year-over-year on the leading European trading platform.
Asian spot FX volumes have not reported a healthy recovery this year. Click 365, a brokerage platform based in Japan used to trade FX daily futures, reported a drop in the first month of 2023. The total FX futures contracts traded on the platform declined by 11.9% month-over-month to reach 2.7 million contracts. Click 365 is a platform launched by the Tokyo Financial Exchange in 2005. Nevertheless, the company reported an increase in the number of contracts, up by 39.7%.
