Three major FX infrastructure providers — CLS, Cboe Global FX and CME — each reported higher average daily volume in July 2026 than in July 2025. CLS settlement flows, Cboe's institutional spot venue and CME's listed FX derivatives all rose year-on-year, even as CLS and Cboe activity cooled from June.
CLS reported average daily traded volume of $2.658 trillion in July 2026, up from $2.317 trillion in July 2025 — a 14.7% year-on-year increase. Cboe Global FX and CME posted similar gains, extending a pattern of stronger activity than a year earlier across settlement, spot and listed-derivatives venues.
CLS volumes rise despite a pullback from June
All three of CLS's FX product categories grew from July 2025. FX forwards average daily volume rose 18% year-on-year to $236 billion, the fastest increase among the categories. FX swaps, still the largest component of CLS activity, rose 14.9% to $1.817 trillion, while FX spot increased 12.7% to $605 billion.
The month-on-month picture is weaker, however. CLS's total average daily traded volume fell 5.9% from June, and every category except FX spot declined over the same period. July therefore cooled from June but still ran well above year-earlier levels.
Cboe shows a similar pattern
Cboe Global FX's July ADV reached $61.071 billion, nearly 26% higher than the $48.514 billion recorded in July 2025, though down about 5% from $64.267 billion in June 2026. Cboe Global FX reflects activity on an institutional spot trading venue, while CLS's figures cover instructions submitted across spot, forwards and swaps within its settlement ecosystem. The same monthly report showed strong year-on-year growth alongside a June-to-July pullback, mirroring the trend at CLS.
CME shows growth in listed FX and EBS spot
CME's headline FX figure, measured in listed futures and options contracts, increased 9% year-on-year to 811,000 contracts. Its EBS spot-market venue posted a separate signal: average daily notional value there rose 25% to $70 billion, pointing in the same direction as the listed-derivatives data.
Within CME's product mix, Japanese Yen futures average daily volume increased 39% to 184,000 contracts, and FX Link volume rose 38% to 55,000 contracts, representing $5.2 billion in notional per leg.
The pullback at CLS and Cboe means June, not July, still holds this year's high point across those two venues.
Source: Finance Magnates
Trading involves risk.
Risk Disclaimer
