CLS FX trading activity | February 2018

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2 min read
28 March 2018

1.949 USD trillion
Total daily traded volume submitted to CLS
Up 8 percent from USD1.805 trillion in January 2018

David Puth

“February was a record month for traded volumes at CLS. The steady rise in volatility coupled with a multi-year effort to bring new business to the CLS platform is evident through the record amount of activity. Average daily traded volume submitted to CLS was USD1.949 trillion, up 30% year on year, while the number of transactions was up 18% during that time.

“Looking beyond February’s record figures, we have seen a steady increase in traded volumes submitted to CLS throughout the second half of 2017 and now well into March of this year.”

“The increase in volatility has led to greater activity at CLS. The addition of new members, new products and new third parties over the past several years has a leveraged impact on traded volumes at CLS. As volumes increase, an additional benefit is the reduced cost of an incremental transaction to our clients.

“As the world’s leading provider of risk management and operational services to the foreign exchange market, CLS continues to invest in creating solutions for our clients and for the broad market.”

Joe Ziccarelli, Global Head of Sales at CLS, said, “While increased market activity no doubt reflects ongoing market volatility, it also demonstrates a network effect of our direct market engagement, in particular with third party buy-side participants. As we continue to engage with the broader market and drive participation, we have seen substantial growth from the buy-side through the support and commitment of both global and local custodians as well as other third-party service providers.

“As asset owners, regional banks, non-bank financial institutions and corporates become ever more acutely aware of the risks associated with currency settlements outside of CLS, we can expect traded volume and participation to continue to increase. In addition as we bring new solutions to the market, such as CLSNet which will allow direct participation across more than 125 currencies, clients can expect to materially benefit from even more improved liquidity, credit optimization, capital and operational efficiencies.”

Average daily traded volume
submitted to CLS by product (USD trillion)*
February 2017 January 2018 February 2018
Forward 0.978 1.189 1.307
Swap 0.427 0.513 0.542
Spot 0.092 0.103 0.100
Total average daily traded volume submitted to CLS (USD trillion) 1.497 1.805 1.949

* From January 2017, CLS altered the reporting methodology for the FX data it makes available on a monthly basis. The data provided is based on executed trade volumes submitted to CLS. It is adjusted to equate to the same reporting convention used by the Bank for International Settlements (BIS) and the foreign exchange committees’ semi-annual FX volume surveys. These surveys only report one side of any trade, and only one of the four legs of FX swap trades, to avoid double counting the total amount of trades.

* 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.

Data is available for subscription through Quandl in the form of three separate reports, showing activity by hour, day or month. The data reports contain executed trade volume in terms of both the number of trades and the total value in USD. The data is aggregated by trade instrument (spot, swap and outright forward) and currency pair and can be purchased by subscription by following this link: currency-data_traditional-currencies_volumes.

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