CLS Volumes Grow in November

CLS says it handled $2.051 trillion per day in November, a 2.5% increase from November and up 8.4% year-on-year – unlike recent months, the driver was not outright forwards, which dipped slightly, with both spot and FX swaps growing.

Spot volumes at CLS topped the half a trillion mark for only the second time this year at $503 billion per day, this is a 2.4% increase from October and is up 6.3% year-on-year. Similarly, FX swaps activity was also higher at $1.347 trillion, up 3.1% from October and up 5.7% year-on-year. Outright forwards activity drifted, but average daily volume (ADV) stayed above $200 billion for the third month in a row. The $201 billion per day is a 1.5% decline from October, but is up an impressive 38.6% year-on-year.

Earlier in the month, LSEG FX and 360T reported final data, with the former handling $92 billion per day in spot across all its platforms. This is a 5.8% increase from October, but is down 4.2% year-on-year. In non-spot product, ADV was $341 billion in November at LSEG FX, up just $1 billion from October and up 2.7% year-on-year.

Deutsche Börse’s 360T, meanwhile, reports total FX ADV of EUR 122.2 billion, down 5% from October and slightly up, by 0.6%, year-on-year. Using a constant exchange rate, this represents a 4.9% decline in non-spot products from October and a 1.2% fall year-on-year.

Elsewhere, Singapore Exchange also reported data, the exchange group’s FX product suite handling 4,076,000 contracts per day in November. This is a bounce back from October of 24.6% and is also up, by 1.8%, year-on-year.