As was the case with the major FX trading platforms to report average daily volume, activity on CLS was also broadly flat in August, but down year-on-year.
The settlement utility handled $1.649 trillion per day in August, a fraction down from $1.657 trillion in July, but down 5.8% year-on-year. FX swap volumes were $1.188 billion per day, again broadly unchanged from July (down 0.8% year-on-year), while spot volume was $384 million, unchanged from July but down 12.9% year-on-year. Outright forward volumes were $77 billion, from $80 billion in July and $111 billion in August 2020.
Peak August volume was $2.28 trillion, CLS says, which coincided by Federal Reserve chairman Jerome Powell’s announcement at the Jackson Hole conference of the move to a flexible inflation targeting regime in the US.