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DMM Securities Tops 2025 Global Retail FX Volumes

Fresh research shows price discovery occurs in London, with block liquidity concentrated in Tokyo.

Overview

  • Finance Magnates Intelligence ranks Japan’s DMM Securities first for 2025 by average monthly foreign exchange volume at $1.463 trillion.
  • The broker’s activity was strongest in early 2025, with an average near $1.69 trillion in the first half and peaks above $1.8 trillion in January and near $2 trillion in April.
  • Japan-based firms dominated the annual leaderboard, and the first non‑Japanese broker appeared only in ninth place.
  • Separate analysis from LMAX Group and Macro Hive finds London venues move first on prices by about 20 to 100 milliseconds during key events.
  • The same research shows Tokyo executes the largest orders and offers cheaper depth in Japan-focused moments, guiding brokers and big traders to route size there to cut costs.