Cboe’s institutional spot FX platform reported its trading volume for the month ended February 2023, taking another step up after a strong rebound in January.
In February 2023, the exchange’s institutional foreign exchange trading venue recorded an average daily trading volume of US$41.9 billion in February 2023, up three percent month-on-month from US$40.8 billion in January 2023.
Year-over-year, ADV numbers released by Cboe FX, formerly Hotspot, showed flat performance when weighed against $42 billion last year..
In addition, Cboe FX announced a total trading volume of $838 billion, down 7 percent month-on-month from $902 billion in January 2023. However, that figure was virtually unchanged from a year earlier, when it was weighed in at $840 billion in February 2022.
Cboe FX revenue surpassed $1 trillion in 2022 in response to the Russian invasion of Ukraine. However, the recent pullback raises serious questions about how deep a potential drop in volume will go, although it shouldn’t cause panic.
We last reported on Cboe FX in December when oneZero added it to the vast network of liquidity providers and trading venues within its EcoSystem. The move gave the company access to over 200 FX brokers that trade more than 10 million transactions and 150 billion quotes per day in the retail and institutional FX markets.
Offering the benefits of an independent, transparent market structure, Cboe FX leverages custom liquidity pools to meet participants’ execution criteria, with configurable fixed and non-fixed streaming quotes for tailored liquidity requirements.
During the annual FIA Futures and Options Expo, FinanceFeeds also caught up with James Arrante, Senior Director of FX & UST Product and Business Management at Cboe Global Markets to uncover emerging trends in the FX and Fixed Assets markets and more about the stock market to learn the recent initiatives of the operator.
Arrante highlighted its expanding model, which has grown to a total of four different units and seven platforms. Cboe’s FX operations now include disclosed trading solutions, immediate deliverable futures and non-deliverable futures (NDFs) through Cboe SEF. According to Arrante, this covers all types of client interactions in the market and provides greater control over the trading process, enabling better execution and lower transaction costs for their global client base.
Liquidity management has been a major focus at Cboe FX in recent years coupled with the addition of rich analytics capabilities. The Company operates an electronic foreign exchange trading facility that allows certain institutions to transact spot trades with their preferred counterparties to meet their specific trading needs.
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