CLS average daily volume in September mirrored that of the major FX platforms to report data, rising 8.2% from August to $1.785 trillion, while falling year-on-year, in this instance by 3.1%.
Spot volume was up both month-on-month (by 11.2%) and year-on-year (5.2%) at $427 billion, while forward activity was $108 billion, a 40.3% rise from August and up 14.9% year-on-year. FX swaps activity was $1.25 trillion, up 5.2% from August but down 6.9% from the previous year.
“The increase in FX spot volumes in September is consistent with the historical average increase observed between August and September,” explains Masami Johnstone, head of information services at CLS. “We generally see a slowdown in the FX market in August before the activity picks up in September supported by the IMM date. At a currency pair level, the increase can be attributed to a significant surge in volumes for the following currency pairs: EURUSD, GBPUSD, USDCAD and AUDUSD.”