CLS FX trading activity | April 2020

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2 min read
15 May 2020

1.55 USD trillion
Total daily traded volume submitted to CLS
Down 29.4% from USD2.19 trillion in March 2020

Masami Johnstone
Head of Information Services

“We saw average daily traded volumes in April 2020 of USD1.55 trillion, representing a decline of 5.4% compared to April 2019.

“This includes FX swap volumes of USD1.085 trillion (down 7.7%), FX forward volumes of USD86 billion (down 9.5%), and FX spot volumes of USD379 billion (up 2.7%).

“Compared to the record daily traded volumes in March 2020 of USD2.19 trillion, we saw an overall decline of 29.4%.This made April 2020 the lowest average daily traded volumes for over two years (the previous low was in December 2017).

“As market volatility stabilized through April, volume across all FX instruments experienced a significant downward trend. The exception to the overall reduction in volumes was the activity observed during the end of month ‘London Fix’. In the hour following the fix at 16:00 BST, 30 April, a record USD515 billion was traded, a 38% increase on the previous record of USD371 billion seen on the last day of February 2020. This was driven, in part, by traders buying euros to rebalance their portfolios which contributed to record volumes for the following EUR crosses: EUR/USD, EUR/JPY, EUR/AUD and EURCAD.”

Average daily traded volume
submitted to CLS by product (USD trillion)*
April 2019 March 2020 April 2019
Forward 0.095 0.129 0.086
Swap 1.175 1.358 1.085
Spot 0.369 0.707 0.379
Total average daily traded volume submitted to CLS (USD trillion) 1.639 2.194 1.550

* Due to rounding, numbers presented throughout the document may not add up precisely to the totals provided and percentages may not precisely reflect the exact figures.

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