CLS FX Data Confirms July Slowdown

CLS says it handled $1.745 trillion per day in traded FX volume during July, an across the board drop from June, but up year-on-year.

The data reflects those from the FX platforms to report volumes earlier this month in both spot and non-spotproducts.

The CLS volumes represent an 8.6% decline from June, but a 5% increase from July 2020. Spot FX volumes were $420 billion per day, down 1.9% from June but up 8% year-on-year, while outright forward ADV settled was $84 billion, a 17.6% decline from June, but up 3.7% from July 2020. FX swaps, the biggest product handled by CLS, saw volumes of $1.241 trillion per day in July, a 10% monthly decline but a 4.1% increase year-on-year.

CLS data is adjusted to reflect the reporting convention of the Bank for International Settlements in its triennial survey of FX turnover, as well as of the regional FX committees’ semi-annual turnover reports, which recently reported a new high in activity.