CLS FX trading activity February 2020

In February 2020: The average daily traded volume submitted to CLS was USD1.81 trillion, up 2.2 percent from USD1.77 trillion in January 2020.

CLS’s Head of Information Services, Masami Johnstone, commented:

“We saw average daily traded volumes in February 2020 of USD1.81 trillion, representing growth of 5% compared to February 2019. Over the same comparison period FX swap volumes were flat, the spot market was up sharply at 24%, while there was a decrease in forward volumes of 9%.

“Covid-19 (Coronavirus) was the dominant theme driving markets in February 2020, which coincided with record daily averages in USDKRW of USD24 billion, USDSGD of USD44 billion and USDILS of USD7 billion.

“The high average daily traded volumes observed at the end of February, particularly USD2.30 trillion during the last week of February, have continued well into March with average daily traded volumes of USD2.30 trillion, up almost 27% compared to February 2020 as a whole. By product this was a rise of 55% in spot, 15% in FX swaps and 36% in forwards.

“This was against the backdrop of the increased market volatility. The spread of the Coronavirus globally led to significant losses in global stock markets. Meanwhile the US 10-year treasury bond fell below 1.00% for the first time in its history on the back of a surprise Federal Reserve 50 basis point rate cut.”

Average daily traded volume submitted to CLS by product (USD trillion)*

February 2019

January 2020

February 2020

Swap

1.227

1.263

1.224

Spot

0.402

0.401

0.500

Forward

0.096

0.108

0.087

Total average daily traded volume submitted to CLS (USD trillion)

1.725

1.772

1.811

 

* 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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