CLS, ForexClear, FX Activity Steady in May

Largely reflecting the data from FX trading platforms released earlier in the month, volume data from CLS and LCH ForexClear confirm activity was steady in May, albeit still at historically high levels.

CLS says average daily traded volumes on the service were $2.528 trillion in May, down 0.2% from April, but up a healthy 12.2% year-on-year. A rise in spot and FX swap volumes was balanced by a decline in outright forwards activity, with the latter falling 10.1% from April to $223 billion, this is, however, up 7.2% year-on-year.

FX swaps daily traded volume on CLS was $1.707 trillion, the sixth highest reported by the service – this is up 0.6% from April and up 13.2% year-on-year. Spot ADV was $598 billion, the seventh highest recorded by CLS, and up 1.5% on April and up 11.2% year-on-year.

At LSEG meanwhile, LCH ForexClear also saw activity steady in May, albeit it remains the fourth busiest month for the overall service at $253 billion cleared across all products. This is down fractionally from $253 billion in April, but up a very healthy 42.1% year-on-year.

NDF clearing remains the biggest product at ForexClear at $200 billion per day, this was down 2% from April, but up 37% year-on-year, while FX options activity was flat at $46 billion, but up a massive 87.8% year-on-year, and the second highest recorded, along with April, by the service.