Institutional foreign exchange trading volumes experienced a broad-based decline in April 2026, pulling back from the record levels reached in March when geopolitical tensions tied to the Iran conflict drove unprecedented activity across global currency markets.
The sector averaged a 24% month-on-month decrease in average daily volumes (ADV), with all four major institutional platforms reporting declines in the 18–29% range.
Platform-by-Platform Results
- Cboe FX (formerly HotspotFX): April ADV of $53.85 billion, down 27.7% from March's $74.46 billion.
- EuronextFX (formerly FastMatch): ADV of $28.30 billion, a 28.7% decline from $39.71 billion.
- FXSpotStream: Total ADV of $142.33 billion, down 18.0% month-on-month, though still 16.6% higher year-on-year.
- 360T: ADV of $39.00 billion, down 20.3% from March's $48.92 billion.
Context
March 2026 was an exceptional month for FX activity. The outbreak of hostilities involving Iran triggered a surge in safe-haven flows, carry-trade unwinding, and hedging demand, pushing volumes across all venues to multi-year or all-time highs. April's pullback reflects a normalisation rather than structural deterioration in market participation.
Year-on-year comparisons remain positive across most platforms, with FXSpotStream's 16.6% annual growth being the clearest indicator that underlying institutional FX activity remains healthy. Market participants now look ahead to the May data, with ongoing yen intervention and the FOMC's divided stance likely to sustain above-average volatility.