CLS FX volumes stay above $2.0 trillion for third consecutive month

abdelaziz Fathi

The total daily traded volume submitted to CLS Group for settlement continued its upward trajectory in November to stay above the $2.0 trillion mark for a third month in a row.

CLS Group

The metrics showed a strong performance in the group’s FX business as the year 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 $2.05 trillion in November 2023, which is higher 2.5 percent month-over-month from $2.0 trillion in October 2023. Across a yearly timetable, the figure was higher by 8.5 percent relative to $1.89 trillion in November 2022.

CLS reported swaps volumes at $1.34 trillion in November 2023, which was higher by 3.1 percent from $1.30 trillion it booked in the previous month. Additionally, the figure climbed by 5.5 percent on a yearly basis.

In terms of CLS’ spot FX volume, the group has reported the figure at $503 billion in November 2023, which is up 2.4 percent relative to $491 billion in the month prior. The spot turnover was also higher by 6.1 percent over a yearly basis from the $474 billion set in 2022.

CLS forwards business yielded a figure of $201 billion last month, down from $204 billion in October. The figure was higher by more than a third over a yearly basis from the $146 billion reported in the same month a year ago.

“In November 2023, we saw average daily traded volumes of USD2.05 trillion, an increase of 8.2% compared to November 2022. Over the same period, we saw an increase in overall volumes across all instruments. FX forward volumes were up significantly by 38%, with FX spot and FX swap volumes up by 6.3% and 5.6%, respectively,” said CLS’s Chief Growth Officer Lisa Danino-Lewis.

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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