Following a very strong Q1, leading institutional eFX trading venues are seeing a slowdown in trading activity in Q2 2023. In our monthly survey of forex ECNs, trading activity did tick up by an average of 3.6% in May 2023, but that was following an across-the-board 14% decline in FX trading April. Each of the leading institutional FX houses reported single digit percent MoM increases in volumes during May, ranging from 0.4% at FXSpotStream to 9.4% at EuronextFX, as follows. {chart} Cboe FX (formerly HotspotFX): May 2023 average daily volumes were $40.826 billion, +2.9% from April’s $39.661 billion. EuronextFX ... (full story)