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> Unlike Other US Venues, CLS Forex Trading Volumes Increase in January
by Damian Chmiel
- FX forward volumes saw an uptick of 48%, while FX spot volumes rose 7%.
- The CLS report does not align with the volumes of other US FX venues, including Cboe FX.
NewYork-headquartered provider of settlement and aggregation services for theforex industry CLS has reported an increase of 9.2% year-over-year (YoY) in averagedaily traded foreign exchange volumes (ADVs) in January 2024, reaching $2.09trillion compared to $1.92 trillion in January 2023.
Theincrease was driven by significant growth across all major FX instruments. FXforwards saw the largest jump, with average daily volumes rising 47.9% YoY to$204 billion. FX swaps were up 5.9% to $1.39 trillion, while FX spots grew 6.9%to $498 billion.
"InJanuary 2024, we saw average daily traded volumes of USD2.09 trillion, anincrease of 9.2% compared to January 2023," said Lisa Danino-Lewis, the ChiefGrowth Officer at CLS.
The growthin volumes reflects the ongoing recovery in the global economy and increasedcurrency trading activity among financial institutions like investment banksand hedge funds that use CLS to settle their foreign exchange transactions.
"Overthe same period, we saw an increase in overall volumes across all instruments.FX forward volumes were up significantly by 47.9%, while FX spot and FX swapvolumes were up by 6.9% and 5.9%, respectively,” added Danino-Lewis.
CLSfacilitates the settlement of FX trades in 18 major currencies, processing over$6 trillion in payments every day. The recent uptick in volumes indicatespositive momentum for CLS and global currency markets as we head deeper into2024.
Eurexalso reported strong results in January, with volumes growing 6% compared tothe previous year. However, overall reports from firms involved in spot FXtrading told a tale of two different continents. While volumes increased inEurope, they depreciated in Asia.
CLS Enlists BNY Mellon,ING to Enhance FX Transaction Handling
FinanceMagnates reportedin mid-January, that BNY Mellon and ING have entered into a partnership withthe financial market infrastructure firm CLS. These banking behemoths haveenrolled in CLSNet, a service dedicated to the netting calculation of bilateralpayments across more than 120 currencies.
BNY Mellon,recognized as the world's leading custodian bank with assets surpassing $41.1trillion, alongside ING, the foremost bank in the Netherlands boasting assetsover €951 billion, have become the newest additions to the expanding CLSNetcommunity. This service now boasts membership from eight of the world's majorbanks.
NewYork-headquartered provider of settlement and aggregation services for theforex industry CLS has reported an increase of 9.2% year-over-year (YoY) in averagedaily traded foreign exchange volumes (ADVs) in January 2024, reaching $2.09trillion compared to $1.92 trillion in January 2023.
Theincrease was driven by significant growth across all major FX instruments. FXforwards saw the largest jump, with average daily volumes rising 47.9% YoY to$204 billion. FX swaps were up 5.9% to $1.39 trillion, while FX spots grew 6.9%to $498 billion.
"InJanuary 2024, we saw average daily traded volumes of USD2.09 trillion, anincrease of 9.2% compared to January 2023," said Lisa Danino-Lewis, the ChiefGrowth Officer at CLS.
The growthin volumes reflects the ongoing recovery in the global economy and increasedcurrency trading activity among financial institutions like investment banksand hedge funds that use CLS to settle their foreign exchange transactions.
"Overthe same period, we saw an increase in overall volumes across all instruments.FX forward volumes were up significantly by 47.9%, while FX spot and FX swapvolumes were up by 6.9% and 5.9%, respectively,” added Danino-Lewis.
CLSfacilitates the settlement of FX trades in 18 major currencies, processing over$6 trillion in payments every day. The recent uptick in volumes indicatespositive momentum for CLS and global currency markets as we head deeper into2024.
Eurexalso reported strong results in January, with volumes growing 6% compared tothe previous year. However, overall reports from firms involved in spot FXtrading told a tale of two different continents. While volumes increased inEurope, they depreciated in Asia.
CLS Enlists BNY Mellon,ING to Enhance FX Transaction Handling
FinanceMagnates reportedin mid-January, that BNY Mellon and ING have entered into a partnership withthe financial market infrastructure firm CLS. These banking behemoths haveenrolled in CLSNet, a service dedicated to the netting calculation of bilateralpayments across more than 120 currencies.
BNY Mellon,recognized as the world's leading custodian bank with assets surpassing $41.1trillion, alongside ING, the foremost bank in the Netherlands boasting assetsover €951 billion, have become the newest additions to the expanding CLSNetcommunity. This service now boasts membership from eight of the world's majorbanks.
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About the Author: Damian Chmiel
- 1460 Articles
- 29 Followers
About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
- 1460 Articles
- 29 Followers
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