FXSpotStream set an all-time average daily volume (ADV) record of $179.12 billion in September, the multibank price-streaming service reported, surpassing its previous peak of $173.60 billion from March. Combined spot ADV across the four institutional FX venues tracked by FinanceMagnates.com reached approximately $268 billion, up 18.8% from $226 billion in August and the highest since March's roughly $291 billion.

What drove the September surge?

The Federal Reserve raised its target range by 25 basis points to 3.75%-4.00% on September 16, the first Fed increase since 2023, in a 12-0 vote. Two days later the Bank of Japan lifted its policy rate to 1.25% in a 7-2 vote. USD/JPY volume on Cboe FX reached $11.46 billion on September 18, reflecting how desks positioned for rate divergence across G3 currencies in a single session.

How did each venue perform?

• FXSpotStream: $179.12B ADV across 22 sessions, up 16.0% from August's $154.42B and 43.0% YoY. Spot ADV climbed 20.1% to a record $129.51B; non-spot products added 6.4% to $49.60B. Monthly notional: roughly $3.94 trillion.
• Cboe FX: $61.64B ADV, up 18.9% from August's $51.82B and 25.6% YoY. Monthly spot notional reached $1.356 trillion.
• Euronext FX: $34.50B ADV, the fastest grower at 21.6% MoM and 48.7% YoY. The figure ranks fifth in the venue's daily file, which runs back to January 2013.
• Deutsche Börse's 360T: $42.28B ADV on $930.11B of spot, up 12.4% MoM and 21.2% YoY. The platform remains below its March peak of $48.93B and just under June's $42.39B.

What did dollar-yen activity look like?

USD/JPY on Cboe FX averaged $7.89 billion per day, up 45.3% from August, lifting the pair's share of venue flow to 12.8% from 10.5%. EUR/USD, still the dominant pair, gained 25.1% to $13.31 billion. The heaviest USD/JPY session on Cboe FX came September 3, when volume hit $15.0 billion on rising bets for a BOJ hike. The busiest overall Cboe FX day was September 30, the final session of the quarter, at $79.92 billion; the quietest was September 7, the US Labor Day holiday.

Did exchange-traded FX also pick up?

Tokyo Financial Exchange's (TFX) Click 365 market reported 2,226,522 FX futures contracts, up 28.2% MoM and 56.5% YoY, for an ADV of 101,206 contracts. USD/JPY contracts rose 45.4% to 547,325. TRY/JPY remained the largest contract at 871,264, or 39.1% of the total.

What does this mean for execution workflow?

Buy-side desks running yen exposure absorbed widening intraday spreads and intervention-sensitive moves across spot, futures and options books simultaneously, with the BOJ action landing two trading sessions after the Fed. Euronext FX's 21.6% MoM growth, the steepest of the four venues, suggests aggregation logic continues tilting toward platforms that source multi-bank liquidity without disclosed dealer names. September had 22 trading sessions, one more than August, which lifted monthly totals above the underlying ADV move.

The late-October rate-decision window will test whether the September profile holds or reverts toward the August trough of $51.82B at Cboe FX and $154.42B at FXSpotStream.