Heightened capital markets volatility in the wake of impending Trump tariffs led to a very good month in the institutional FX trading market in March 2025, with trading volumes well above monthly and seasonal norms.
Average trading volumes at the leading eFX venues surveyed by FNG rose by an average of 8.7% in March 2025, following up a 2.4% increase in February and 16% jump in January, closing out what was a very strong quarter in the institutional FX trading business. Each of FXSpotStream – reporting another month of record trading volumes – Cboe FX, EuronextFX and 360T saw activity increases of between 6-11% during March.
