CLS FX Volumes Edge Higher as Platform ADV Mixed
Posted by Colin Lambert. Last updated: June 23, 2021
CLS says it handled $1.798 trillion per day in FX markets in May, a 1.1% increase from April, but up 20.75% on May 2020. Spot and FX swap volumes were slightly higher, outright forwards slightly lower on the month.
The utility handled $1.279 trillion in FX swaps, up from $1.271 trillion in April and significantly higher (24.7%) than May 2020. It was a similar picture in spot, where the service handled $431 billion per day in May, up from $416 billion in April and up 11% year-on-year. Outright forward volumes were $88 billion, down $3 billion per day on April but up from $75 billion in May 2020.
While the CLS data matches the solid increases seen by most FX platforms to report volumes, the month-on-month increase is in contrast to several. In terms of those platforms to report just spot data, all were higher month-on-month, however there was a more mixed picture from those who publish multi-product volumes, with Refinitiv and 360T reporting a drop in non-spot volumes, while FXSpotStream was slightly lower and Integral higher.
Refinitiv’s non-spot volume was $422 billion per day from $442 billion in April, while 360T non-spot activity was lower to EUR 67.1 billion from EUR 71 billion in April.