CLS Reports FX Volumes
Posted by Colin Lambert. Last updated: May 23, 2023
CLS Group has completed the reporting schedule of FX volumes for April with the utility largely in line with FX trading platforms to report results.
Overall CLS settled $1.935 trillion per day in April, up 4% year-on-year, but down 8.8% from March 2023. Activity was higher in FX swaps and forwards, but lower in spot, $1.355 trillion per day was processed in FX swaps, up 6.8% year-on-year, but down 6.6% month-on-month. Spot ADV was $429 billion, a 9.7% drop from April 2022 and also down notably, by 16.9%, from the previous month. Outright forwards ADV was $151 billion per day, down from $156 billion in march, but up significantly, by 30.2%, on a year-on-year basis.
Looking at the results of the trading platforms in spot through the prism of CLS, EBS (-20.2%) and Euronext FX (-19.9%) underperformed, while LSEG FX (-5.9%), 360T (-1.6%) and Cboe FX (+7.3%) outperformed on a year-on-year basis.
In FX swaps, the CLS data was largely in line with 360T’s non-spot growth of 7.2% year-on-year, but outperformed LSEG FX, which was unchanged on the year.