Mixed Volume Data at CLS and ForexClear

The FX volume reporting “season” has closed out for October with both CLS and LCH ForexClear reporting mixed numbers, albeit both healthily up year-on-year.

CLS says it settled $2.2 trillion in total FX volume in October, down 7.7% from September, but up 10.1% year-on-year. This is still the third highest volume settled by CLS since it started reporting data.

Within this, all three product groups were down from September, much as was heralded by the FX platforms that reported results earlier in the month. Spot average daily volume (ADV) at CLS was $504 billion, down 6.5% on the month, but up 2.7% year-on-year, while outright forwards ADV was $182 billion, down 4.2% from September and down 10.8% year-on-year.

FX swaps, CLS’ biggest product, saw ADV of $1.52 trillion settled in October, this is down 8.6% from September, but up 16.2% year-on-year. Earlier this month, 360T reported non-spot volume change very much in line with CLS, while LSEG saw a shallower decline from September and higher year-on-year growth.

Meanwhile, LSEG’s LCH ForexClear says it cleared $18.9 billion in average daily volume in FX options in October, up some 13% from September, but below the peak months of July and August 2024. This is a more than 35% increase year-on-year. It also cleared $92 billion in client NDF in October, some $4 billion per day, which LCH says is up 34% year-on-year – total cleared FX volume was over $3 trillion, up 40% from October 2023.