The average daily volume (ADV) submitted to CLS was $1.75 trillion in August, flat compared to the previous month. However, this figure represents a 9% year-on-year increase.
This flat month-on-month figure is in contrast to the primary venues, which saw an increase in trading activity in August, while Euronext FX, Cboe FX, FXSpotStream and Integral all also saw volumes increase compared to July.
However, this disparity can be explained by breaking out the volumes of different product types.
The ADV of swaps submitted to CLS last month was $1.19 trillion, down from $1.25 trillion in July but up from $1.09 trillion year-on-year.
Spot ADV was $441 billion in August, up from $388 billion in July and $425 billion in August 2018.
So the data from both the trading platforms and CLS suggests that there was an uptick in spot FX trading last month compared to July, but the fact that swaps volumes declined means that CLS’ overall volumes remained flat, whereas the trading platforms publicly reporting volumes don’t offer swaps trading and therefore weren’t impacted by this decline.
Meanwhile, the ADV of forwards submitted to CLS was $111 billion last month, the exact same number as July but 33.7% more than August last year.