Cboe Sees MoM Surge in FX Demand as February Volumes Hit $742 Billion

Cboe FX Markets, a major institutional spot foreign exchange trading venue, published its trading statistics for February 2021, showing a solid $43 billion gain in total volumes from the previous month’s numbers.

In total, the exchange handled $742.9 billion in trades last month, compared to January’s $700.9 billion, meaning there was a month-on-month jump of almost 6 percent. 

The platform ended the month with an average daily trading volume (ADV) of $37.14 billion, which is up from the previous month’s $35.04 billion. Both the months had 20 trading days.

The data shared by the spot exchange shows that the demand remained on the lower side initially in February, with ADV lower than the average for over half of the month. However, the volumes spiked suddenly in the end, with a record volume on February 26 with over $66.67 billion.

Yearly Figures Remained Dull

February’s numbers showed growth after the FX exchange reported two dull months. The month’s total volume is only behind the reported numbers of two other months since it hit a peak in March 2020.

Similar to any other platform, the monthly FX volume on Cboe touched a record in March 2020, surpassing the trillion-dollar mark to reach $1.12 trillion. However, that figure came as a windfall and could not be sustained in the consecutive months.

However, a comparison on a yearly basis gives a different picture. Cboe’s FX volumes for February went down by 10.6 percent year-over-year. In February 2020, the platform reported a total volume of $825 billion with an ADV of $41.2 billion.

Meanwhile, the exchange is expanding its market reach and closed the acquisition of BIDS Trading, the largest block-trading ATS by volume in the US, in January.