Institutional FX Volumes Edge Higher in May 2026

Institutional foreign exchange trading activity improved slightly in May 2026, but the market remained relatively quiet after a sharp slowdown in April.

Across several major institutional FX venues, average daily volumes were broadly stable, with most platforms reporting small month-on-month changes. Overall activity rose by around 2% compared with April, when volumes had dropped significantly from March levels.

May shows only a limited recovery

The rebound in May was modest rather than strong.

After Aprils decline, trading volumes did not return to earlier highs. Instead, most venues saw only narrow movements, ranging from slight increases to a small decline. This suggests that institutional FX activity remained subdued, even though the market was no longer falling at the same pace seen in the previous month.

Major venues report small changes

Cboe FX reported average daily volume of $54.86 billion in May, up 1.9% from $53.85 billion in April.

EuronextFX recorded average daily volume of $28.07 billion, slightly lower than Aprils $28.30 billion, representing a 0.8% decline.

360T reported average daily volume of $39.86 billion, compared with $39.00 billion in April, an increase of 2.2%.

FXSpotStream posted the strongest monthly improvement among the listed venues, with total average daily volume rising 4.24% from April to $148.37 billion in May. Spot trading accounted for $105.33 billion, while other products contributed $43.05 billion.

FXSpotStream remains ahead on year-on-year growth

While the monthly change was limited, FXSpotStream continued to show stronger year-on-year figures.

Its total average daily volume in May was up 50.27% compared with May 2025. Spot average daily volume increased 54.88% year-on-year, while other products rose 40.06% over the same period.

For the first five months of 2026, FXSpotStream reported total average daily volume of $154.16 billion, up 41.68% from the same period last year.

Market remains steady but not active

The May data points to a market that stabilized after Aprils drop, but without a strong rebound. Most institutional FX venues saw only minor changes, suggesting that trading conditions remained relatively calm.

The main takeaway is straightforward: institutional FX volumes improved slightly in May, but activity stayed below the stronger levels seen earlier in the year.