CLS Volumes Lower in October

As has been the case with the usual FX platforms (all but Refinitiv) to report FX volume data for October, CLS Group also saw a dip in activity from September, but was up year-on-year.

The service says it handled daily volume of $1.928 trillion in October, a 5.3% decline from the previous month, but up 3.3% on October 2021.

For once, however, the growth was not driven by FX swaps, the product actually declining both month-on-month and year-on-year. Daily volume in FX swaps, still comfortably the biggest segment handled by CLS, was $1.311 trillion, down 3.5% from September and a fraction lower than October 2021’s $1.319 trillion. Direct comparison with platform data in swaps in unavailable at this time due to the aforementioned delay in accessing Refinitiv’s results, 360T’s FX non-spot turnover was down 11.5% month-on-month but up 37.1% year-on-year in dollar terms (at a fixed exchange rate).

Spot ADV at CLS was $488 billion in October, down 9.8% from September, but up 9.7% year-on-year, while outright forward volumes were $129 billion, down 6.5% month-on-month, but up 26.5% from October 2021.