CLS FX Settlement Service: Apr 15 vol figures -9.9% broadly inline with other platforms


The CLS FX settlement system has reported a -9.9% drop in the average daily value of FX trades settled through their platform in Apr 15, taking volumes back down to $4.64trillion/day.

The monthly drop is slightly below falls reported last week by the major FX spot platforms which saw falls ranging from -10.6% for Reuters to -15.4% for EBS.

Details from the platform and charts are as follows:

CLS value of instructions submitted: $4.64 trillion/day in Apr 15, down -9.9% on the $5.15 trillion/day in Mar 15, and down -3.1% compared to Apr 14.

CLS number of instructions submitted: 1,194, 817/day in Apr 15, down -10.6% on the 1,336.042 in Mar 15, and still some +21.4% up on Apr 14 level of 983,850.

Average Trade size: $3.88mln in Apr 15, up +0.7% on the $3.86mln in Mar 15 although down -20.3% compared to the $4.87mln in Apr 14.

David Puth, CEO of CLS, commented:

“Consistent with the overall decline in activity in the FX market during April, average daily input volumes in CLS decreased by 10.6% while daily input values dropped by 9.9% month on month.” CLS Apr 15
April’s drop comes after the very active first quarter, which saw increased volatility as a result of the SNB move in January, the market has since quietened down somewhat, as is reflected in the Apr figures.
CLS Charts Apr 15

CLS Data: Value and number of transactions submitted to CLS in Apr 2015

Note: CLS reports both sides of an FX transaction. To adjust the average daily value data to equate to the same reporting convention used by the Bank for International Settlements and the semi-annual foreign exchange committee market reports, the gross values should be divided by two.

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