CLS FX Volumes at Second Highest Ever
Posted by Colin Lambert. Last updated: October 25, 2026
Reinforcing what was generally a strong month for FX market activity, FX settlement service provider CLS has reported its second highest ever traded volumes in September.
Overall average daily traded volume was $2.947 trillion, 8% up on August and 12.4% up on a year-on-year basis. This is second only to March 2026, when the service handled ADTV of $2.956 trillion.
The growth was largely driven by FX swaps activity, which hit a new peak for CLS at $1.97 trillion. This is up 4.6% from August and up 7.5% year-on-year, it is only the third time that CLS has breached the $1.9 trillion mark – all three occasions have been this year at the quarter ends.
Elsewhere, spot ADTV was $694 billion, the third highest at CLS, rising 23.5% from August and 26.2% year-on-year. The rise was slightly higher than that reported by LSEG and EBS, whose spot volumes have often been aligned with CLS in terms of monthly changes. Outright forward ADTV was $283 billion, just shy of the record set in August at $285 billion per day. Year-on-year activity was up 17.9% in outright forwards.
