Forex settlement volumes slip 3.6% in November

LONDON, Dec 7 (Reuters) – The average number of daily foreign exchange payment instructions fell in November, data from FX

LONDON, Dec 7 (Reuters) – The average number of daily foreign exchange payment instructions fell in November, data from FX settlement system CLS Bank showed on Monday.

The average daily volume of payment instructions was 648,217 with an average value of $3.66 trillion last month. Volumes were down 3.6 percent from October, it said.

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Average foreign exchange volumes peaked at a record 727,934 last October in the wake of the collapse of Lehman Brothers, but hedge funds and some other liquidity providers in the market have since reined in activity.

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The value of the instructions was down 2.7 percent from October, CLS said. Compared with the previous year, they were up 12.6 percent.

More than 6,000 banks, brokers, funds and corporates use the CLS Bank service.

(Reporting by Naomi Tajitsu, editing by Nigel Stephenson)

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