Following a record month of January to start off the year, institutional FX trading volumes experienced a noticeable cool-down in February 2026. Major platforms such as FXSpotStream, Cboe FX, EuronextFX, and Deutsche Borse’s 360T all reported month-over-month declines, collectively averaging a decrease of just over 5%. This shift indicates a return to more muted trading patterns after the significant currency market volatility observed in the preceding month.
February's Performance Across Key Platforms
The institutional FX market saw varied degrees of decline across its leading platforms. Cboe FX, formerly known as HotspotFX, recorded an average daily volume (ADV) of $59.67 billion in February 2026, marking a 5.7% decrease from January's $63.30 billion. Similarly, EuronextFX, previously FastMatch, experienced a more substantial drop, with its ADV falling by 10.9% to $31.10 billion from January's $34.89 billion. These figures highlight a general trend of reduced activity following the robust start to the year.
FXSpotStream, despite a slight dip from its historic January highs, maintained strong momentum and demonstrated impressive year-over-year growth. The platform's overall ADV for February 2026 stood at USD151.7 billion, comprising USD105.6 billion in Spot ADV and USD46.1 billion in Other Products. While its total ADV decreased by 1.70% month-over-month, FXSpotStream's total ADV increased by a remarkable 44.24% year-over-year compared to February 2025. This indicates sustained strength and continued support from clients and liquidity partners. The 360T platform also reported a modest decline, with its ADV reaching $39.91 billion in February 2026, a 1.8% decrease from January's $40.64 billion.
| Platform | February 2026 ADV (USD Billions) | MoM Change (%) | January 2026 ADV (USD Billions) |
|---|---|---|---|
| Cboe FX | 59.67 | -5.7 | 63.30 |
| EuronextFX | 31.10 | -10.9 | 34.89 |
| FXSpotStream (Total) | 151.7 | -1.70 | - |
| 360T | 39.91 | -1.8 | 40.64 |
Market Dynamics and Future Outlook
The cooling of FX trading volumes in February 2026 can be attributed to a decrease in the currency market volatility that characterized January. The shift from
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