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Institutional FX aggregation service FXSpotStream has begun 2026 with its strongest month on record, reporting an all-time high Average Daily Volume (ADV) of USD 154.3 billion in January.
The record performance marks a decisive acceleration from 2025 and confirms FXSpotStream’s continued role as a core execution venue for institutional FX market participants. January’s volumes were driven primarily by spot trading, with Spot ADV reaching USD 108.1 billion, while Other Products — including swaps, forwards and NDFs — accounted for USD 46.2 billion.
Month-on-month, total ADV rose by 25.31% compared with December 2025, while year-on-year volumes increased by 52.42%. Spot ADV saw even stronger momentum, climbing 36.75% month-on-month and 48.39% year-on-year, underscoring sustained demand for primary liquidity and efficient multibank execution.
| Period | Spot ADV |
|---|---|
| January 2019 | ~USD 38bn |
| January 2023 | ~USD 50bn |
| January 2025 | USD 72.5bn |
| January 2026 | USD 108.1bn |
FXSpotStream historical average daily volume since January 2019, (source: liquidityfinder.com)
NB: to see the ADVs fromn FXSpotStream and other SpotFX venues, click here.
A structural shift, not a one-off spike
While January’s figures represent a new high-water mark, FXSpotStream’s longer-term data points to a broader structural shift in institutional FX trading rather than a single volatility-driven surge.
Spot ADV has nearly doubled over the past three years. In January 2023, FXSpotStream reported spot volumes of approximately USD 50 billion per day. By January 2025, that figure had risen to USD 72.5 billion, before accelerating sharply to over USD 108 billion in January 2026.
Viewed over a longer horizon, the growth is even more pronounced. Spot ADV in early 2019 averaged below USD 40 billion, meaning current volumes are now almost three times higher than pre-pandemic levels. Importantly, periods of market stress and volatility since 2020 have not resulted in sustained volume retrenchment. Instead, each cycle has reset FXSpotStream’s baseline activity at a higher level.
Broad-based growth across FX products
Growth has not been limited to spot trading. FXSpotStream’s Other Products segment posted a 62.77% year-on-year increase in January, highlighting rising institutional engagement across forwards, swaps and NDFs as firms optimise balance sheet usage and execution workflows across tenors and instruments.
In an environment increasingly focused on transparency, capital efficiency and resilient liquidity access, FXSpotStream’s January performance reinforces the continued migration toward multibank aggregation models that support scalable, bank-to-client FX trading.
FXSpotStream now has 19 bank liquidity providers, with BNY being added to the service in September 2025.
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