FX settlement provider, CLS Group has reported trading performance for the month of November. The New York-based organization saw mixed results in the value and volumes of instructions submitted to the firm.
The group reported that the average daily volume submitted to CLS, combining the settlement and aggregation services, was 1,094,020 up 5.4% from 1,037,584 in October. On the other hand, the average daily value submitted to CLS was US$4.89 trillion, down 2.2% from US$5.00 trillion in October.
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CLS settles a range of major and emerging market currency pairs. Firms that use CLS to settle FX transactions can mitigate their settlement risk.
CLS operates as a monopoly in the global FX markets, however Hong Kong’s main securities and derivatives market place launched a new FX NDF clearing solution last month.
Note: CLS reports both sides of an FX transaction. To adjust the average daily value data to equate to the same reporting convention used by the Bank for International Settlements and the semi-annual foreign exchange committee market reports, the gross values should be divided by two.