CLS FX trading activity | May 2020

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2 min read
15 June 2020

1.48 USD trillion
Total daily traded volume submitted to CLS
Down 4.3% from USD1.55 trillion in April 2020

Masami Johnstone
Head of Information Services

“Following a period of wide-scale volatility and increased trading activity during the initial phase of the COVID-19 pandemic, average daily traded volumes in CLSSettlement – our payment-versus-payment settlement service – have now stabilized at significantly lower volumes as compared to the same period last year. In May 2020, we saw traded volumes of USD1.48 trillion, representing a decline of 4.3% compared to April 2020, and a decline of 8.5% compared to May 2019.”

“During May 2020, average daily traded volumes were lower across all instruments. FX spot volumes were down by 4.5%, FX swap volumes were down by 9%, and forward volumes were down by 19.6%.

Compared to April 2020, the month of May did see an increase of 1.6% for spot volumes, but FX swap and forward volumes were down 5.6% and 14%, respectively. The decline in forward volumes was the result of the lower outright forward volume of USD363 billion at the end of May, representing a 36% decline compared to the end of April.”

“Despite the ongoing situation, we have continued to deliver all our services effectively.”

Average daily traded volume
submitted to CLS by product (USD trillion)*
May 2019 May 2020 May 2019
Forward 0.092 0.086 0.074
Swap 1.125 1.085 1.024
Spot 0.403 0.379 0.385
Total average daily traded volume submitted to CLS (USD trillion) 1.620 1.550 1.483

* 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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