CLS Hits New Peak in September

Just a week after 360T and LSEG FX announced record non-spot FX activity, CLS has reinforced the picture with its highest-yet average daily traded volumes, driven largely by non-spot products.

Overall traded volumes were $2.623 trillion per day, up 10.9% from August and also up 9.8% year-on-year. This is also 3.3% up on the previous peak, established in May 2025. As noted FX swaps provided the greatest impetus, traded volumes were $1.833 trillion, a new high for the CLS service, this is up 12.7% from August, but also up an impressive 10.4% year-on-year. The previous high for FX swaps was 8.3% lower at $1.693 in May 2025.

Outright forwards volume also surged in September at CLS, hitting its second highest to-date at $240 billion per day, just below the previous high of $245 billion in June of this year. Overall, outright activity was up 8.1% from August and up 26.3% year-on-year.

Given the mayhem earlier in the year, spot activity was only the fourth busiest in 2025 at $550 billion, however it was up 6.4% on August and up 2% year-on-year, which, as is often the case, aligns fairly closely with the changes at EBS and LSEG FX.