FXSpotStream Sets New Overall ADV Record In October As 2025 Volumes Climb

Multi-bank FX trading service FXSpotStream has posted another record month in October, extending what is already shaping up to be a standout year for the venue’s volumes and product mix.

Following a record setting September, FXSpotStream’s overall average daily volume (ADV) reached USD129.614 billion in October 2025 – a new all-time high for the service. This was made up of a Spot ADV of USD85.859 billion and USD43.755 billion in other products, with back-to-back record ADV months in Swaps, NDFs and Algos. October’s figures are based on 23 trading days.

The new October peak follows September’s previous overall ADV record of USD125.260 billion, which itself surpassed the earlier high of USD122.057 billion set in April 2025. September’s mix comprised a Spot ADV of USD82.187 billion and USD43.073 billion in other products, with record ADV in Swaps, NDFs and Algos.

Across the first ten months of the year, FXSpotStream’s growth trend has remained firmly positive. Year to date (January–October), overall ADV is up 25.60% compared with the same period in 2024, while Spot ADV is up 19.16% year-on-year.

Earlier in the year, FXSpotStream registered an overall ADV of USD101.234 billion in January, just shy of its then record set in September 2024, supported by a Spot ADV of USD72.845 billion and USD28.389 billion in other products, including an ADV high in NDFs. February saw a fresh milestone with overall ADV of USD105.163 billion, followed by another step-up in March to USD116.891 billion, when both Spot (USD83.072 billion) and Other products (USD33.819 billion) hit new highs.

After a record April (overall ADV USD122.057 billion), volumes normalised in May to USD98.739 billion, still up 14.31% year-on-year, before resuming their upward trajectory. June’s overall ADV was USD99.792 billion, rising to USD104.225 billion in July and USD106.057 billion in August, with “other” products consistently delivering the fastest growth. By October, FXSpotStream’s “other” product ADV was up 66.34% year-on-year, compared with a 28.57% increase in Spot ADV over the same period, underlining the importance of Swaps, NDFs and Algos to the service’s expansion.

The strong volume story in 2025 has coincided with an expansion of FXSpotStream’s liquidity provider line-up. In September, custody and investment services bank BNY joined as the 19th liquidity provider on the service, adding to a roster that already included major global institutions such as ANZ, Bank Of America, Barclays, BNP Paribas, Citi, Commerzbank, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, MUFG, NatWest, Standard Chartered, State Street, Societe Generale, UBS and Wells Fargo.

FXSpotStream, a bank-owned consortium founded in 2011, offers fully disclosed, multibank, relationship-based trading in FX and precious metals, providing access to liquidity provider algo suites via GUI or a single API from co-location sites in New York, London and Tokyo. Its model eliminates execution costs for price takers, with liquidity providers paying a flat fee to stream prices.

With October’s record ADV and double-digit year-on-year growth across both Spot and other products, the service enters the final months of 2025 with strong momentum and a deeper liquidity pool than ever.

Since taking over as Chief Executive Officer in 2024, Jeff Ward has put FXSpotStream on a steeper growth trajectory, with the service following a record 2024 by delivering high double-digit year-on-year ADV increases in every month of 2025 so far, capped by October’s 39% YoY gain and back-to-back record highs. Under his leadership the venue has deepened and broadened its liquidity pool – adding new providers such as BNY – while accelerating growth in Swaps, NDFs and Algos, where ADV is now rising faster than Spot and was up more than 66% year-on-year in October. Combined with governance changes at parent LiquidityMatch and continued investment in low-latency infrastructure, Ward’s tenure is already visible in a larger, more diversified and structurally higher volume run-rate for the platform.

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