CLS Sets December Records
Posted by Colin Lambert. Last updated: January 15, 2026
Data from CLS indicates that the settlement service provider set a new peak for December spot and FX swap volumes traded including the third busiest month to date in FX swaps.
Total average daily volume traded was $2.384 trillion, down 6.4% on November, but up 17.2% year-on-year. Spot ADV was $516 billion, down 7% from November, but up 8.9% year-on-year, a move that largely reflects those on spot venues to report data.
FX swaps ADV was $.1703 trillion in December, down 1.3% from November, but up 19.2% year-on-year. Notably, CLS’ three biggest months yet came in October – the current peak – November and December.
It was a similar picture in outright forwards, where ADV was $165 billion, a sharp 38% drop from November, but a notable 26% rise year-on-year.
