CLS Group’s forex volumes remain above $2 trillion for the third month in a row

CLS Group, a specialized financial infrastructure group founded in 2002, recently reported that its total daily traded volume remained above the $2 trillion mark for the third month in a row. The total daily traded volume submitted by the company for settlement continued its upward trajectory in November, according to the metrics, which show strong performance in the group’s FX business.

The company has seen a strong end to the year, even experiencing something of a market frenzy caused by recent events that affected the financial industry as a whole.

CLS Group’s performance in November 2023

According to the firm’s recent metrics, the average daily traded volume submitted to CLS was at around $2.05 trillion in November 2023. The figure represents a 2.5% increase from October 2023, when the firm reported $2 trillion in volume for the second time in a row.

While there has been clear growth on a month-over-month basis, the company’s November 2023 figures are 8.5% higher compared to November 2022, when its average daily traded volume sat at $1.89 trillion.

CLS Group also reported $1.34 trillion as its swaps volume during November 2023, which is around 3.1% higher from $1.30 trillion recorded one month earlier, in October of this year. The figure has also climbed by around 5.5% on an annual basis.

As for the firm’s spot FX volume, the group recorded a figure of $503 billion in November of this year. The amount is 2.4% higher compared to October when the figure sat at $491 billion. Spot turnover also increased by 6.1% year-over-year, going from $474 billion in 2022 to the mentioned $503 billion in 2023.

Lastly, CLS forwards business returned a figure of $201 billion in November of this year, which is actually slightly lower than in October, when it reported $204 billion. However, it is still considerably higher — by more than one-third — on an annual basis, as the company recorded $146 billion in November 2022.

CLS Group records an increase in overall volumes across all instruments

Commenting on the changes in figures for November, CLS’ Chief Growth Officer, Lisa Danino-Lewis, stated that the company saw an average daily traded volumes of $2.05 trillion in November 2023, which is 8.2% higher than in November 2022. “Over the same period, we saw an increase in overall volumes across all instruments. FX forward volumes were up significantly by 38%, with FX spot and FX swap volumes up by 6.3% and 5.6%, respectively,” she explained.

CLS Group also recently onboarded Deutsche Bank, Germany’s largest lender, to its CLSNet. The CLSNet is the foreign exchange bilateral payment netting system that covers almost 120 currencies. The platform was initially built in partnership with IBM, using the enterprise blockchain provided by Hyperledger Fabric.