Non-Spot FX Volumes Drive CLS Higher

As was the case with most other spot FX platforms to report data, CLS’ spot FX volumes dipped in August, compared to July, however increased activity in non-spot products drove the settlement service provider to its fourth highest month yet in average daily traded volume terms.

CLS says its ADV was $2.73 trillion in August, up 2.7% from July and up 15.4% year-on-year. Within this, spot ADV was $562 billion per day, down 7.1% from July (a slightly less decrease than most other platforms), but up 8.7% year-on-year (lower than most platforms’ changes).

The news was much more positive elsewhere, with CLS hitting a new peak for outright forward daily volume at $285 billion per day. This is up 20.8% month-on-month and up 28.4% year-on-year – it also surpasses the previous high, set in February and March of this year, by more than 6%.

The largest product in terms of volume, FX swaps, saw ADV of $1.883 trillion in August, itself the third highest volume reported thus far, this is also up 3.6% from July and is up 15.7% year-on-year.