CLS FX Volumes Steady in February

Following a mixed set of results from those FX platforms to report data, the CLS FX volume report for February offers a steady picture of activity, although FX swaps volumes hit their highest level on the service since March 2022.

CLS says it handled $1.992 trillion per day in February across all products, although there were differing fortunes within the headline data with outright forwards and swaps rising year-on-year, while spot activity was up on January but down on February 2022.

Average daily volume in FX swaps was $1.37 trillion per day in February, up 4.6% from January and up 0.7% from January. Outright forwards ADV was $138 billion, unchanged from January, but up 27.8% from February 2022.

Meanwhile, spot ADV was $484 billion, up 4.1% from January, but down 5.8% year-on-year. Earlier this month, most platforms reported a month-on-month increase in spot activity, while year-on-year they were flat to slightly down.