CLS Group, a leading provider of risk mitigation and operational services for foreign exchange dealers and institutions, today reported its operational metrics for October 2017, which moved lower on a monthly basis as overall lower levels of FX trading activity weighed on executed trade volumes.
Average daily input value submitted to CLS, which combines the settlement and aggregation services totals, was down in October 2017 by 7.6 percent month-over-month at $1.616 trillion compared with $1.749 trillion reported back in September 2017. Across a yearly timetable, the figure reflected an 8.9 percent advance relative to October 2016’s figure of $1.484 trillion.
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CLS reported swaps volumes at $1.090 trillion in October 2017, down from $1.137 trillion in September 2017, or -4.1 percent month-over-month. However, the figure was higher by a factor of 12.7 percent year-over-year from $967 billion a year ago.
In terms of CLS’ spot FX volume, the group has reported the figure at $427.0 billion in October 2017, shedding 16.3 percent year-over-year relative to $510.0 billion in the month prior. The figure was also lower by 2.0 percent year-over-year from the $436.0 billion set back in October 2016.
The mixed performance was again pronounced across CLS forwards business which yielded a figure of $99 billion last month, down 2.9 percent month-over-month from $102 billion in September, but was reflective of a 22 percent increase year-over-year from $81 billion in October 2016.
Effective January 2017, CLS shifted its reporting methodology for FX data. The figures are now reported based on one side of FX transactions and only one of the four legs of FX swap trades, in line with BIS standards and Foreign Exchange Committee market reports, and thus it avoids double counting the total amount of trades.