CLS Activity Drops in August
Posted by Colin Lambert. Last updated: September 26, 2022
As was the case with those platforms to report data, CLS saw a month-on-month decline in FX activity, but was significantly higher year-on-year.
August 2022 saw CLS handle $1.774 trillion across FX products, a 5.6% drop from July, but up 5.7% year-on-year. Spot FX settlement value was $429 billion daily, an 8.9% decline from July, but up 16.9% year-on-year, while outright forward volume submitted to the settlement utility was $118 billion. This is down 15.7% from July, but again up, by 49.4%, year-on-year.
FX swaps, the biggest FX trading product, bucked the general trend, with average daily value submitted to CLS of $1.227 trillion. This is down 3.2% from July, and also down, fractionally (0.5%), year-on-year. Earlier this month, Refinitiv reported a 4.9% decline in non-spot activity from July (-4.1% year-on-year), while 360T (using a fixed 2022 exchange rate) saw activity rise by 2.2% month-on-month, and by 43.1% year-on-year.