Following a lackluster performance in the previous month, CLS Group, a leading provider of risk mitigation and settlement services for foreign exchange (FX) dealers and institutions, has reported an uptick in the daily traded volumes submitted by its clients in March of 2019 this Wednesday.
Specifically, during the month of March, the average daily traded volume (ADV) submitted to CLS was $1.86 trillion. When measured against the previous month, which had an ADV of $1.73 trillion, this is up by 8 percent.
One interesting aspect of March’s volume is it’s the first monthly volume this year to be up on a year-on-year comparison, as March of 2018 had an ADV of $1.855 trillion, which is slightly lower by 0.4 percent.
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The total monthly volume is based on three trading sections – swap FX, spot FX, and FX forward contracts. Out of the three, swap FX has by far attracted the highest ADV during the month of March.
CLS Swap FX Volumes Climb in March
Across the month, the total Swap FX ADV submitted to CLS was $1.308 trillion. This figure represents a climb of 6.6 percent when compared to February. It is also up on a year-on-year comparison.
Spot FX takes the second place in terms of the highest ADV submitted in March of 2019, at $439 billion. Whilst this is an increase of 9.2 percent month-on-month, unlike Swap FX it is down on an annual comparison by 8.5 percent.
The final segment is FX forward contracts, which contributed the smallest trading volume in March. Nonetheless, the ADV for the segment remained robust throughout the month, with the total ADV coming in at $116 billion. This represents a jump of 20.8 percent month-on-month and 12.6 percent year-on-year.