The world’s leading settlement service for the foreign exchange markets, CLS, has seen positive trading numbers on the back of volatile financial markets. The firm reported that on Wednesday, September 17th, its trading activity bypassed previous records in the number of contracts traded.
Details issued by the bank showed that the provider settled over two million FX instructions that were worth in excess of $10 trillion. A total of 2,000,206 instructions were set on Wednesday, September 17, surpassing the previous record of 1,993,544 instructions on September 18, 2013.
The bank further stated that around 99% of the instructions were settled in just 45 minutes, between 07:15 and 08:00, highlighting new measures the firm has taken in upgrading its technology.
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Financial institutions operating in the currency markets have benefited from a month of events in financial markets that have offset a new wave of activity. The troublesome environment which has seen volumes slump year-to-date welcomes the much needed spike in volatility
FX markets have been looking forward to Fed chief Yellen sharing her views in the FOMC monthly announcement. The prominent trading cross, EUR/USD has been hanging below the key 1.30 mark. The uncertainty in the global arena, coming on the back of the Scottish referendum and macro events in Russia and Iraq have triggered the rise in firms reporting stronger than expected metrics. CLS announced that its contract values were also significantly high at $10.08 trillion, not far below the current record, which remains at $10.34 trillion, recorded on March 19, 2008.
The news comes at an important time for the bank-led initiative, the records were reached exactly a week after the company’s thirteenth anniversary,