The average daily volume (ADV) of FX trades submitted to CLS in November was $1.61 trillion, down 10% compared to October and down 4.2% year-on-year.
The ADV of swaps submitted to CLS last month was $1.17 trillion, down 8.2% compared to October, but up 3.9% from November 2018.
Spot ADV was $366 billion in November, down 11.8% from the previous month and down 19.6% year-on-year.
The ADV of FX forward trades submitted to CLS was $69 billion in November, down 26.6% month-on-month and down 28.9% year-on-year.
“In November, the average daily traded volume submitted to CLSSettlement was $1.61 trillion, representing a 4% decline compared to November 2018. This decline was driven by a 20% decrease in FX spot volumes year-on-year. However, the decline in spot activity was offset by a 4% increase in FX swap volumes over the same period. Declining FX spot volumes may be the result of the lower volatility we are witnessing in the FX market, while increasing FX swap volumes may be due to increased hedging on the back of uncertainty about the future,” says Rob Franolic, CLS data officer.