Cboe reports higher September FX volumes as spot, SEF trading climb
September trading activity rises across several of Cboe's foreign exchange platforms, with spot and swap execution volumes posting double-digit gains from a year earlier. The exchange operator also records single-day highs at its LD4 venue and U.S. Treasuries platform, pointing to broader momentum in its electronic trading operations.
Highlights
- Cboe FX Spot average daily volume rises 25.6% year-on-year to $61.6 billion in September 2026, with Cboe SEF volume up 41.0% to $4.7 billion.
- Cboe FX ECN Firm average daily volume climbs 45.0% year-on-year to $25.7 billion, reaching the highest 56.5% share of Spot ECN activity.
- Cboe's U.S. Treasuries platform achieves a daily record of $2.8 billion on September 30, signaling broader participant engagement and cross-asset platform growth.
September volume gains across FX platforms
As reported by Cboe, citing Cboe Global Markets, Cboe FX Spot average daily volume reaches $61.6 billion in September 2026, up 25.6% from $49.1 billion in September 2025. Cboe SEF average daily volume tops $4.7 billion, a 41.0% increase from $3.3 billion a year earlier.The company also says its LD4 venue sets a new single-day high-water mark on September 10, with $1.2 billion in notional traded. Within spot trading, Cboe FX ECN Firm average daily volume stands at $25.7 billion, accounting for 56.5% of the Spot ECN total, the highest recorded share of Firm ADV on Spot ECN and a 45.0% increase from $17.7 billion in September 2025.
Broader trading momentum supports platform expansion
Cboe's U.S. Treasuries platform records a daily high of $2.8 billion on September 30 and continues onboarding new participants. That adds a fixed-income milestone to the company's September foreign exchange performance and suggests demand is extending across multiple electronic trading businesses.For market participants, the latest figures indicate stronger activity in Cboe's institutional trading venues as the group expands its market infrastructure footprint in the U.S. and global FX sector.
In our earlier article on rising long-term U.S. Treasury yields and the growing fiscal strain, we explained how yields above 5% are feeding through to tighter financing conditions, higher mortgage rates, and larger federal interest costs as deficits near $2 trillion. We also noted that heavy debt issuance and strong demand for capital—particularly tied to large-scale investment needs—can intensify competition for liquidity and keep borrowing costs elevated, even without a full-blown debt crisis.
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