CLS Volumes Reflect Platform Data

CLS FX trading activity in April very much reflected that of the major FX platforms, seeing a dip from march but a year-on-year increase. Overall FX volume submitted to CLS was $1.859 trillion per day, a 12.5% decline from March, but up 4.6% year-on-year.

Reflecting the increased volatility in FX markets, spot and outright forward activity rose year-on-year, while the increase in interest rate volatility was not reflected in the FX swaps data. Average spot volume submitted was $475 billion, a 13.6% decline from March, but up 14.2% year-on-year – and while the month-on-month decline was in line with the platforms to report, year-on-year CLS has not kept up with the platforms, with most venues reporting increases above 20%.

Outright forwards activity on CLS was $115 billion day, down 8.7% from March but up 26.4% year-on-year, while FX swaps volume was $1.269 trillion, down 12.5% from March and broadly unchanged from April 2021’s $1.271 trillion.  Again, looking at the platform data, this largely reflects the results from LSEG’s Refinitiv, which saw a slight increase year-on-year, but contrasts with 360T which saw strong year-on-year growth in non-spot products.