FXSpotStream Sets New Record with $ 116.891 Billion USD ADV in March 2025

Leading bank-owned multibank FX streaming service FXSpotStream has reported another record-breaking month in March 2025, achieving an unprecedented Average Daily Volume (ADV) of $ 116.891 billion USD, according to figures released today which show 3 consecutive months of record-breaking volumes. 

 

 

The volume figures announced today represent an 11.15% month-on-month increase compared to February 2025's previous record of $ 105.163 billion USD, and a substantial 41.55% year-on-year growth versus March 2024. The data, based on 21 trading days in March, continues the company's impressive growth trajectory.

 

March's overall ADV was comprised of $ 83.072 billion USD in Spot trading (a new high on the service) and $ 33.819 billion USD across other products, including record volumes in Swaps and Non-Deliverable Forwards (NDFs). This represents a 10.57% month-on-month increase in Spot ADV and a 12.62% rise in other product volumes compared to February.

 

Year-on-year comparisons show even more dramatic growth, with Spot ADV increasing by 42.78% and other products rising by 38.64% compared to March 2024.

 

 

Continued Momentum

The March performance builds on FXSpotStream's strong start to 2025, following February's record of $ 105.163 billion USD ADV, which itself had represented a 3.88% increase from January and a 45.4% year-on-year growth compared to February 2024.

 

This latest milestone follows a transformative 2024 for FXSpotStream, during which the company first surpassed the $ 100 billion USD ADV barrier in September with $ 101.925 billion USD, before achieving $ 100.317 billion USD in November. The company concluded 2024 with an annual ADV of $ 89.857 billion USD, representing a 42.16% increase compared to 2023.

 

 

Network Expansion

FXSpotStream has significantly expanded its liquidity provider network over the past year under the leadership of CEO Jeff Ward, who completed his first full year at the helm in 2024 after taking over from interim CEO Tom San Pietro.

 

Most recently, Deutsche Bank joined as the 18th liquidity provider in November 2024, enhancing the platform's European capabilities. Ollie Jerome, Head of European FX Product at Deutsche Bank, noted at the time: "Our new relationship with FXSpotStream is consistent with our strategy of providing liquidity to the market and our clients across all relevant venues."

 

This followed the addition of ANZ in September 2024 as the first Australian bank on the platform, strengthening FXSpotStream's presence in the Asia-Pacific region. Luke Marriott, ANZ Head of eFICC Markets, had highlighted the bank's "unique global footprint, our expertise in AUD, NZD, Asian currencies and the related cross" as complementary to the platform.

 

Earlier in 2024, Wells Fargo joined in March, following NatWest's addition in October 2023, reflecting the platform's ongoing commitment to diversifying its liquidity pool.

 

FXSpotStream's continued volume growth and network expansion underscore its increasingly prominent position in the FX market. The platform's unique commercial model, where price takers pay no execution costs while liquidity providers pay flat fees, has helped distinguish it from other venues in the market.

 

With three consecutive months of record-breaking volumes in 2025, market observers will be watching closely to see if FXSpotStream can maintain this exceptional momentum throughout the rest of the year.

 

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