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Leading bank-owned multibank FX streaming service FXSpotStream has reported an Average Daily Volume (ADV) of $98.739 billion USD for May 2025, representing a 19.08% month-on-month decline from April's record-breaking performance but maintaining strong year-over-year growth of 14.31%.
The May figures, based on 22 trading days, demonstrate the platform's continued resilience despite the pullback from April's unprecedented volumes based on exceptional market volatility around US tariff uncertainty. FXSpotStreams decline in volume during May were in line with other major FX trading venues (see chart below).
May May's overall ADV comprised $68.006 billion USD in Spot trading, down 18.14% compared to April 2025, and $30.733 billion USD across other products including swaps and Non-Deliverable Forwards (NDFs).
Strong Year-Over-Year Growth Continues
While May showed a natural correction following April's record highs, the year-over-year comparisons reveal FXSpotStream's sustained growth trajectory. Spot ADV increased 2.81% compared to May 2024, while other products demonstrated particularly robust performance with a 19.44% year-on-year increase, underscoring the platform's successful diversification strategy.
The monthly decline in other products was more modest at 9.13% month-over-month, suggesting these alternative instruments are gaining traction among the platform's client base.
Exceptional Year-to-Date Performance
Perhaps most significantly, FXSpotStream's year-to-date performance for January-May 2025 shows remarkable strength, with Overall ADV up 33.53% compared to the same period in 2024. Spot ADV for the five-month period increased 33.12% year-over-year, demonstrating consistent growth across the platform's core offering.
This strong year-to-date performance builds on what has been an exceptional period for FXSpotStream, which achieved consecutive monthly records in February ($105.163 billion), March ($116.891 billion), and April 2025, before the expected May adjustment.
Market Context and Outlook
The May figures reflect typical seasonal patterns in FX markets, where volume fluctuations are common following record-breaking months. FXSpotStream's ability to maintain double-digit year-over-year growth while processing nearly $100 billion in daily volume demonstrates the platform's increasingly central role in institutional FX trading.
Under CEO Jeff Ward's leadership, FXSpotStream has expanded its liquidity provider network to 18 banks, most recently adding Deutsche Bank in November 2024. This network expansion, combined with the platform's unique commercial model where price takers pay no execution costs, continues to attract institutional clients seeking efficient FX execution.
The platform's growth in non-spot products, evidenced by the 19.44% year-over-year increase in May, reflects broader market trends toward more sophisticated FX instruments and FXSpotStream's successful adaptation to evolving client needs.
With five months of 2025 complete and year-to-date volumes up over 33%, FXSpotStream appears well-positioned to build on its transformative 2024 performance, when it first crossed the $100 billion ADV threshold and concluded the year with annual ADV of $89.857 billion, representing 42.16% growth.
FXSpotStream SpotFX Average Daily Volume Month by Month 2018-2025
To view the historical ADV of the major FX Trading Venues, please click the graph above, or click here.
