CLS volumes continue to drop across all instruments in May

CLS, the market infrastructure provider of risk mitigation services to the global FX market, has released its operating metrics for May 2020.

The average daily traded volume submitted to CLS was USD1.48 trillion, down 4.3% from USD1.55 trillion in April 2020.



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

May 2019 April 2020 May 2020
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.

CLS Group trading volumes

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

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.

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