CLS Posts $1.9 Trillion In Average Daily Traded Volumes In August 2023
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The total daily traded volumes submitted to CLS for settlement dropped in August. The monthly performance reflects the typical occurrence in markets during the summer months.
The financials reported during the month also portrayed a weak performance in the FX operations of the company. Moreover, the third quarter also saw declining activity, with no major developments triggering market activity increases.
Daily Traded Volumes To CLS Drop To $1.9 Trillion
The average daily traded volumes submitted to CLS reached $1.9 trillion in August this year, representing a 4% month-over-month drop compared to the $1.98 trillion reported during the previous month. However, the volumes were a 7.3% jump compared to the $1.77 trillion reported during the same period in 2022.
CLS also noted that swaps volumes reached $1.28 trillion in August 2023. While the figure remained constant compared to July 2023, it was a 5% gain from the $1.22 trillion posted in August 2022.
The spot FX volumes during the month were at $439 billion, an 11% drop from $491 billion reported in July. The spot turnover increased by 2.1% from the $430 billion reported in 2022.
The forwards business generated $182 billion in August, a 15.3% decline from the $215 billion reported in July 2023. However, forwards operations posted a staggering 54% increase from the $118 billion reported in August 2022.
The Global Head of Product, Keith Tippell, also confirmed the financial results, saying that the FX swap volumes had increased by 4.3%.
CLS Group Posts Significant Developments
Besides posting these positive financial results, CLS Group posted some positive developments that have contributed to the company’s growth. CLS Growth is a firm that offers risk mitigation and settlement services. The platform provides solutions to FX dealers and institutions.
CLS Group recently secured a partnership deal with Deutsche Bank, Germany’s largest lender. The bank is now part of CLSNet, a foreign exchange bilateral payment netting system that supports emerging currencies.
CLSNet Service has become increasingly popular. The platform caters to around 120 currencies, and Deutsche Bank is now joining the vast number of global and regional financial service institutions on the platform.
CLS Group has achieved much success with its CLSNet Service. The centralized platform leverages IBM’s technology to deliver its offerings, allowing it to offer tech-savvy solutions.
