CLS Hits New Peak for FX Settlement

While there continue to be concerns around levels of settlement risk in FX markets, the existing mechanism is seeing increased usage, with CLS reporting its highest-ever average daily volumes.

CLS volumes across all products in January was $2.765 trillion, a new peak and the second time in the last six months the settlement service has recorded a new high. This is up 16% on December as well as up an impressive 24.4% year-on-year.

Growth was seen across all products, FX swaps ADV was $1.839 trillion, the second highest yet-recorded, but, significantly, easily the highest non-quarter-end month for CLS, which typically sees a bounce at the quarter ends. Overall, FX swaps volumes were up 8% from December, and up 24.2% year-on-year.

The highest pace of growth came in outright forwards, which recorded ADV of $263 billon, just shy of the current high set in November 2025 at $266 billion. This is up 59.4% from December and up 32.8% year-on-year. Spot ADV was $663 billion, again the second busiest for CLS, albeit this time behind April 2025 and the “Liberation Day” inspired spike in activity. This is up 28.5% from December and up 22.1% year-on-year.

CLS also saw an increase in activity on its CLS Net service, which netted an average of $169 billion in Q4, up 5% on the same period in 2024, but down 4% on Q3. The fourth quarter included a new record day for netted value of $664 billion on December 17.

With all platforms reporting data at, or close to historical highs, January 2026 looks very similar to April 2025 in giving the FX industry a boost. Sources at platforms expect activity to drop in February – especially with the lunar new year heavily affecting Asian trading, however they say that business levels are holding up better than they did in May 2025 when the shock of the US tariff announcement had worn off.