The average daily volume (ADV) of FX trades submitted to CLS in May was $1.62 trillion, marginally down from the $1.63 trillion it reported in April.

The ADV of FX swaps submitted to CLS in May was $1.19 trillion, down 4.14% month-on-month and down 5.3% year-on-year.

The ADV of FX forwards trades submitted to CLS was $92 billion in May, down 3.2% from $95 billion in April and down 6.1% from $98 billion in May 2018.

Spot products showed the only positive uptick in ADV at CLS last month, coming in at $403 billion, up 11.9%  from the $360 billion recorded in April 2019. Yet, this number is still down 20.5% from the $507 billion recorded in May 2018.

The fact that CLS volumes remained largely flat month-on-month from April’s slowdown is perhaps surprising given that all the trading venues that have reported volumes for May showed an increase in trading activity.

However, this discrepancy can probably be explained by the fact that most of these platforms were only reporting spot FX activity, and indeed, Profit & Loss reported that Refinitiv saw a slowdown in non-spot activity that is reflective of the CLS data.

Lizzy Birmingham

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