The sharply declining dollar in March, which tested five-month maximums, created significant volatility in the foreign exchange market. After a calmer February, this brought a substantial jump in volumes across major FX trading centers and record average daily volume (ADV) values for several selected venues.

Cboe Reports Record ADV in March 2025

In the United States, Cboe FX volumes reached a record level of $52.1 billion ADV. Although the total volume of $1.1 trillion was slightly lower than the record set in April 2024, one fewer trading session in the past month (21) allowed for a better daily average and a new all-time high.

Month-to-month, ADV grew by 8% from $48 billion, and year-over-year by 13% from $46 billion.

Strong Rebound in Institutional Volumes in Japan

Click 365, the currency trading platform on the Tokyo Financial Exchange (TFX), also had an excellent month with volumes growing by 23%, and ADV reaching nearly 107 thousand contracts, with total trading volume of 2,237,118. This was also a positive change year-over-year, with trading activity increasing by 16%.

The most popular trading pair this time was not USD/JPY, but TRY/JPY, which surpassed the previous leader thanks to a massive spike in interest month-to-month of 77%. The number of contracts on this specific trading pair averaged 27,739 daily, growing by 190% year-over-year.

Europe Not Falling Behind

Euronext FX's Fastmatch also followed the upward trend after declines in the previous month. Total volume grew to almost $658 billion from $589 billion reached in February. As a result, ADV also significantly increased to $31.3 billion.

Positive month-to-month changes were also recorded on the German stock-exchange owned 360T. The platform achieved total FX volume of $773 billion in March, representing a significant jump from $677.8 billion reported in February. ADV also increased substantially, rising from $33.9 billion to $36.8 billion.