Institutional foreign exchange activity eased across most large venues in August. Average daily volume fell at three of the four platforms tracked by FinanceMagnates.com, with Cboe FX posting the largest decline at 8.7%.All four still traded above their year-earlier levels. Annual gains ranged from 13.4% at Cboe to 45.6% at FXSpotStream, extending the gap over the weaker August 2025 comparison.August had 21 trading days, two fewer than July. That pushed total notional down by between 8.0% and 16.7% at all four venues, even though Euronext FX increased its daily average.FXSpotStream Slips as Cboe Hits a 2026 LowFXSpotStream reported total average daily volume of $154.42 billion, down 2.3% from July's $158.11 billion. Across 21 sessions, that equaled about $3.24 trillion.Spot ADV fell 3.9% to $107.80 billion. Other products, which include swaps and forwards, rose 1.6% to $46.62 billion. Total ADV was 45.6% above August 2025, while spot alone increased 51.5%.The pullback followed a July dominated by two yen-intervention sessions at month-end. FXSpotStream does not publish a comparable daily breakdown on its monthly volume page.[#highlighted-links#]Cboe FX handled $1.088 trillion in spot transactions, with ADV falling to $51.823 billion from $56.788 billion. It was the venue's lowest daily average of 2026. The figure remained 13.4% above a year earlier.The venue had reached a 2026 high of $74.47 billion in March. August's reading was 30.4% below that peak.The venue data do not identify a single cause for the pullback. Currency markets had moved beyond July's concentrated intervention shock by mid-August, when the yen had given back roughly half of its initial rally and weakened above 159 per dollar.Reuters reported that the dollar fell to its lowest level since early June on August 17. Softer US economic data pushed traders to delay expectations for another Federal Reserve rate increase.Euronext FX Edges HigherDeutsche Börse's 360T processed $789.64 billion in spot volume during August, according to FinanceMagnates.com calculations from the platform's daily file. ADV was $37.60 billion, down 6.9% from July but up 15.3% year-on-year.Euronext FX moved the other way. It handled $595.78 billion, an average of $28.37 billion a day, as the daily figure increased 0.8% from July and 20.8% from August 2025.July's closing sessions distort the straight comparison. Removing July 30 and 31, when Japan and the United States bought yen, left a $38.59 billion average at 360T and $25.73 billion at Euronext FX. Against those adjusted figures, August was 2.6% lower at 360T and 10.3% higher at Euronext.August 19 was the busiest session at all three spot venues with public daily data. Cboe traded $69.71 billion, 360T processed $51.99 billion and Euronext FX handled $40.68 billion.Even with that common peak, activity remained below the March highs at both European platforms. The August averages were 23.2% below March at 360T and 28.6% lower at Euronext FX.Click 365 Gives Back July's JumpThe decline was much steeper in Tokyo. Tokyo Financial Exchange's Click 365 recorded 1,737,049 FX daily futures contracts, down 34.1% from July, while ADV fell 27.8% to 82,716.The year-on-year comparison remained positive at 45.9%. July had produced a 43.1% monthly increase in Click 365 contracts, amplified by the final two intervention days.Turkish lira-yen remained the largest contract at 666,619, despite a 41.7% monthly decline. Its share of Click 365 trading fell to 38.4% from 43.4% in July.Dollar-yen ranked second with 376,532 contracts, down 26.9% from July. Together, TRY/JPY and USD/JPY accounted for 60.1% of August volume, with USD/JPY still dominant by monetary value.This article was written by Damian Chmiel at www.financemagnates.com.