FX volumes spike to record $2.1 trillion at CLS Group

abdelaziz Fathi

Foreign exchange settlement provider, CLS Group saw record volumes in March 2022 as investors flock to safe-haven currencies amid violent market swings on fears of a Ukrainian war-fueled global recession.

CLS Group

The average daily traded volume submitted to CLS was $2.12 trillion in March 2022, which is up 7 percent month-over-month from $1.98 trillion in February 2022. Across a yearly timetable, the figure was also up relative to March 2021’s figure.

CLS reported swaps volumes at $1.45 trillion in March 2022, which is up from $1.36 trillion in February 2022, a rise of 6.6 percent month-over-month. However, the figure was also higher by 5.8 on a yearly basis from $1.37 trillion in 2021.

In terms of CLS’ spot FX volume, the group has reported the figure at $550 billion in March 2022, which is up 7 percent relative to $514 billion in the month prior. Additionally, the spot turnover was up 13 percent over a yearly basis from the $487 billion set in 2021.

CLS Group expands product portfolio

Finally, CLS forwards business yielded a figure of $125 billion last month, up 16 percent over a monthly basis from $125 billion in February. Further, the figure was up by 5 percent when weighed against the $119 billion set in 2021.

“In March 2022, we saw average daily traded volumes of USD2.13 trillion, an increase of 7% compared to March 2021. Overall volumes across all instruments increased year-on-year with FX spot, FX forward and FX swap volumes up by 13%, 6% and 5%, 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 shifted its reporting methodology for FX data in 2018. The figures are now reported based on one side of FX transactions and only one of the four legs of FX swap trades, in line with BIS standards and Foreign Exchange Committee market reports, and thus it avoids double counting the total amount of trades.

The company, which was formed in 2002 to reduce FX settlement risks, recently has been keen to promote itself as a provider of innovative products, including post-trade risk management, aggregation, and netting solutions.

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