CLS, 360T, see Volume Dip in April
Posted by Colin Lambert. Last updated: May 31, 2021
CLS Group and Deutsche Boerse’s 360T both saw FX volumes across products dip in April after a strong March.
CLS says that the volume of instructions settled via the mechanism was $1.772 trillion, a 10.3% drop from March. All three product categories saw a decline, spot by 14.5% to $413 billion; outright forwards by 23.1% to $90 billion; and FX swaps by 7.8%.
Deutsche Boerse, meanwhile, says 360T average daily volume in April was EUR 88.5 billion, which means something like EUR 64.4 billion was in non-spot products. This represents an estimated 4.4% decline in non-spot volumes from March (using a consistent exchange rate).
The other firm to break out non-spot data, Refinitiv, has not posted April volumes to the usual sites, however The Full FX understands that activity also dipped in April and that the results are likely consistent with other sources.