CLS Reports 11.4% YoY Increase in FX Volumes for April 2024

CLS, a leading provider of FX settlement services, has announced a significant 11.4% year-over-year increase in FX trading volumes for April 2024. This growth was observed across all trading instruments, with FX spot volumes experiencing a notable surge of 22.5%.

CLS’s FX trading volumes for April 2024 show a significant increase, highlighting robust market demand and dynamic conditions. The FX spot volumes, in particular, surged by 22.5%.

FX Spot Volumes Soar by 22.5%

The increase in FX trading volumes was observed across all trading instruments. FX spot volumes surged by 22.5%, while FX forward and FX swap volumes also saw substantial growth, up by 13.9% and 7.6% respectively. According to Lisa Danino-Lewis, Chief Growth Officer at CLS, the average daily traded volumes reached USD 2.16 trillion, marking an 11.4% rise compared to the same period last year.

CLSNet and CCS Services Attract Major Financial Institutions

CLS recently onboarded major financial institutions like BNY Mellon and ING to their CLSNet, a netting system for emerging currencies. The system has seen considerable growth, with the average daily notional value of net calculations consistently exceeding $115 billion over the past year. In addition, CLS enrolled three settlement members, including Barclays and Danske Bank, into its Cross Currency Swaps (CCS) settlement service. This service offers a transformative solution for settling CCS transactions while reducing settlement risk and optimizing liquidity.

Conclusion

The significant increase in FX trading volumes reported by CLS for April 2024 underscores the robust demand and dynamic market conditions in the FX market. The surge in FX spot volumes, in particular, highlights the continued expansion and liquidity of the market. With the onboarding of major financial institutions to its CLSNet and CCS services, CLS is poised to continue playing a pivotal role in the FX market.