CLS says that average traded FX volume submitted to the settlement service was $1.78 trillion per day in June, a 20% increase from May and broadly reflecting the gains reported by FX trading platforms earlier this month. Year-on-year activity did decline, however, by 5.5%.
Looking at the product segments it was a similar picture, spot settlement volumes were $443 billion per day in June, up 15.1% from May but down 2.2% from June 2019; while outright forward volumes were $100 billion per day, a 35.1% increase from May but a 20.6% decline year-on-year. In the biggest FX market segments, swaps, CLS handled $1.235 trillion per day in June, compared to $1.024 trillion in May (a 20.6% increase) and $1.303 trillion in June 2019 (-5.2%).
“June 2020 saw a recovery in average daily traded volumes in comparison to May,” says Masami Johnstone, head of information services at CLS. “The elevated level of volume continued throughout June, which is a contrast to the relatively quiet period seen between mid-April and the end of May following the extreme volatility in March and early April.”