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CLS Volumes Up in June

The average daily volume (ADV) of trades submitted to CLS was $1.64 trillion in June, up 6% from $1.55 trillion in May, and up 1.64% year-on-year.

The main driver of this growth appears to have been an increase in swaps and forward activity. Swaps accounted for $1.08 trillion of the ADV submitted to CLS in June, up 9.3% month-on-month and 7.5% year-on-year.

The ADV of $108 billion in FX forwards in June represented a 3.8% increase from the previous month and a 20% growth from June 2016, when an ADV of $90 billion was recorded.

However, the ADV for spot FX trading submitted to CLS in June was flat month-on-month at $455 billion, and down 12% from the same month the previous year.

The fact that the CLS data shows higher year-on-year FX trading in June is perhaps surprising, given that June 2016 saw volumes spike higher following the unexpected decision by the UK electorate to leave the European Union.

Profit & Loss previously reported that June appears to have been a mixed bag for the multi-dealer platforms in terms of ADV, although both the increases and decreases in activity reported by the various platforms so far have only been slight.

Galen Stops

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