CLS, SGX, Hit FX New Peaks

Following record turnover data from several trading platforms, FX settlement service provider CLS has hit another new peak for traded value as surging FX volumes continue to ripple through the industry.

CLS says it handled $2.542 trillion per day in April, up slightly from March 2.538 trillion, which was itself a new record. Exchange rate volatility saw spot and outright forward volumes rise at the utility, while FX swaps volumes dropped. Spot average daily traded volume (ADV) at CLS was $686 billion, up 10.8% from March and up 30.7% year-on-year – this is slightly off the record set in March 2020 at $707 billion.

Outright forwards, however, did set a new record, at $250 billion, a 10.6% increase on March, which was itself a record, and up 45.4% year-on-year. Activity in FX swaps, meanwhile, dropped by 5.1% from March’s record month, to $1.606 trillion per day, this is up 10.1% year-on-year.

Meanwhile, Singapore Exchange has also benefitted from the surge in activity, establishing its own new record for FX futures traded. SGX says total FX futures traded in April was 8.159 million, up 24.3% from March and up 70.2% year-on-year. In average daily volume terms, turnover was 388,524 contracts, which is up 78.3% year-on-year.

With the uncertainty over US-China trade relations, CNH trading at SGX got a boost, rising by 22.2% from March to 4.425 million contracts – a 57% year-on-year increase in absolute terms (slightly higher in average daily terms). Likewise, SGX’ second biggest contract, INR, rose 20.6% to 2.943 million contracts, an 85% increase from April 2024.