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CLS Volumes Confirm July Slowdown

The average daily volume (ADV) of FX trades submitted to CLS was $1.75 trillion in July, down 7.1% from June, but up 6.8% compared to July 2018.

Swaps account for $1.25 trillion of CLS’s ADV last month, down from $1.3 trillion in June, but up from $1.15 trillion in July last year.

Spot FX ADV was $388 billion in July, a 10.8% month-on-month drop from the $453 billion recorded in June. It also represented a 6.7% year-on-year decrease.

The ADV of forwards on CLS last month was $111 billion, down from $126 billion in June, but up from $107 billion in July last year.

This is broadly consistent with the volumes for last month already reported by FX trading venues.

Galen Stops

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