CLS, LSEG FX Volumes Also Dip in April

As was the case with previously-reporting FX platforms, both CLS and LSEG FX saw activity drop in April compared to March, with a slightly more mixed picture emerging year-on-year.

CLS says it saw average daily traded volumes of $2.534 trillion in April, down 14.3% on March’s record levels, but broadly unchanged year-on-year. This was largely due to a year-on-year increase in FX swaps activity with ADV just shy of $1.7 trillion. While this is down 12.6% from March, it is up 5.7% from April 2025.

Elsewhere, CLS saw spot ADV of $589 billion, down 21% from March – largely in line with drops reported by the trading platforms – and down 14.1% year-on-year. Outright forwards volumes dropped by 7.5% from March to $248 billion, this is down 0.8% year-on-year. While there was a slowdown from March’s record activity, as was the case with many platforms, April 2026 still registers inside CLS’s top-10 busiest months to date, including the sixth busiest in spot.

LSEG FX meanwhile, says its spot ADV across its venues was $112 billion, down 18.2% from March and down 17% year-on-year. This is tied for the seventh busiest month in the last decade for the firm, however prior to that its ADV was notably higher.

Non-spot ADV at LSEG FX held up well at $438 billion, this is the fourth highest in the firm’s history and while it is down 4.8% from March, it is up 2.1% year-on-year.