CLS Bank, a multi currency cash settlement system saw the average number of daily foreign exchange payment instructions fall by 2 percent in July from the previous month, while the average value also dropped.
Daily values settled last month fell to $4.87 trillion after crossing the $5 trillion mark in June for the first time to hit $5.12 trillion, though this still marked a year-on-year increase of 24 percent, CLS said.
The average daily volume of payment instructions fell to 801,815 from 818,152 instructions in June, although this marked a slight increase from the 754,780 sides settled in July 2010, CLS said.
What to Look for in a Forex Technology Provider?Go to article >>
The CLS Aggregation Service aggregated a daily average of 209,129 instructions, up from 198,977 in June. On July 12, the service recorded a new daily record volume of 398,170.
CLS is owned by the foreign exchange community at large, CLS delivers operational efficiency when settling payment instructions related to trades executed in six traded instruments and in 17 major currencies.
CLS Settlement is the only means by which settlement risk can be eliminated with finality using a unique combination of payment versus payment in central bank funds, multilateral payment netting and a standard legal framework.