CLS FX volumes on the rise, top $2 trillion again

abdelaziz Fathi

The total daily traded volume submitted to CLS Group for settlement rebounded in September to climb back above the 2.0 trillion mark. The metrics showed a strong performance in the group’s FX business as the Q3 got off to a strong end while fresh events were able to whip up a market frenzy.

The average daily traded volume submitted to CLS was $2.03 trillion in September 2023, which is higher 7 percent month-over-month from $1.90 trillion in September 2023. Across a yearly timetable, the figure was down one percent relative to $2.05 trillion in September 2022.

CLS reported swaps volumes at $1.35 trillion in September 2023, which was higher by 5.5 percent from $1.28 trillion it booked in September 2023. Additionally, the figure was virtually unchanged on a yearly basis.

In terms of CLS’ spot FX volume, the group has reported the figure at $495 billion in September 2023, which is up 13 percent relative to $439 billion in the month prior. The spot turnover was down by 8.7 percent over a yearly basis from the $542 billion set in 2022.

CLS forwards business yielded a figure of $209 billion last month, up 15 percent from $182 billion the previous month. The figure was higher by 51 percent over a yearly basis from the $138 billion reported in the same month a year ago.

“In September 2023, we saw average daily traded volumes of USD2.06 trillion, a slight increase of 0.9% compared to September 2022. Over the same period, FX forward volumes were up noticeably by 51.1%, while both FX spot and FX swap volumes decreased by 8.5% and 0.4%, respectively,” said CLS’s Global Head of Product, Keith Tippell.

CLS Group, which provides risk mitigation and settlement services for FX dealers and institutions, has recently onboarded Germany’s biggest lender, Deutsche Bank, to CLSNet, the foreign exchange bilateral payment netting system for emerging currencies.

CLSNet service covers approximately 120 currencies and DB is joining its growing community of global and regional financial services institutions, which includes eight of the top 12 global banks. The centralized platform was originally built with IBM using the Hyperledger Fabric enterprise blockchain.

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