Daily traded volumes in November were USD1.79 trillion, up 4.7% compared to October 2020. Both FX spot and FX swap volumes increased compared to the previous month by 15.7% and 3.1%, respectively, while FX forward volumes decreased by 15.5%. Compared to November 2019, FX spot and swap volumes recorded an increase of 23% and 5.7%, respectively.
The increase in spot volumes followed the US Presidential election on 3 November and continued with the announcement of the Pfizer/BioNTech Covid-19 vaccine on 9 November. The increase in spot volumes was notable for EUR/USD, up 15%, and USD/JPY, up 31%, compared to the previous month.
Earlier in this month, BGC Brokers LP’s division Capitalab signed a services agreement with CLS Group, benefiting from FX forwards and swaps data directly from CLS in all CLSSettlement-eligible currencies, enhancing the speed and efficiency of FX portfolio optimisation.
In November, CLS also partnered with fintech firm Finastra. The companies collaborated to provide Finastra customers with access to CLSNet, CLS’s bilateral payment netting calculation service.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.