CLS FX Spot Volume Zooms in November with Vaccination Hope

Overall, the FX settlement demand on the platform jumped by 4.7 percent.

CLS Group, a major foreign exchange settlement provider, has published its operational metrics for November, showing solid overall growth in the industry.

Last month’s average daily traded volume at CLS came in at $1.787 trillion, a month-on-month increase of 4.7 percent. The FX market demand remained dull in October with $1.707 trillion.

Though the company showed a surge in both FX spot and swap volumes, the jump in the former was significant. CLS’s FX spot volumes increased to $450 billion from October’s $389 billion, a monthly gain of 15.7 percent. The FX swap volume saw a minor monthly jump of 3.1 percent to $1.239 trillion.

Major Market Movers

The company detailed that the spike in forex spot market demand was triggered by the US presidential elections last month, followed by the announcement of an upcoming COVID-19 vaccine by Pfizer-BioNTech.

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CLS highlighted EURUSD and USDJPY as two of the most demanding pairs as their month-over-month trading volumes went up by 15 percent and 31 percent, respectively.

On the other hand, volumes of FX forward declined by 15.5 percent in the two consecutive months. In absolute terms, November’s volume in this segment went down to $98 billion from the previous month’s $116 billion.

Comparing year-on-year, all three segments saw a jump in November compared to the same month a year ago. FX forward market took the highest leap of 42 percent annually, while the volumes of spot and forwards jumped by 23 percent and 5.7 percent, respectively.

CLS’s latest volumes echoed the solid figures posted by other major forex platforms. FXSpotStream, Cboe FX, and Euronext all witnessed an increase in the trading volumes in the forex market.

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