CLS Reveal Forex Trading Volumes Rise in January
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Continuous Linked Settlement (CLS), a provider of aggregation services and settlement for the forex industry in New York, has announced a 9.2% year-on-year rise in the volume of its daily traded forex as of January 2024. The report revealed an increase in traded amount from $1.92 trillion in January 2023 to currently $2.09 trillion.
The increase was the result of significant development across all the top FX instruments. FX forwards witnessed the highest jump, with a 47.9% rise in daily average volume, reaching $204 billion. FX spots saw an increased trade volume of 6.9% to $498 billion, while FX swaps grew 5.9% to $1.39 trillion.
CLS’s Chief Growth Officer, Lisa Danino-Lewis said that the group realized USD2.09 trillion in daily traded volumes. This value is 9.2% more than the recorded volumes in January 2023.
The World’s Global Economy Sees Increase In Forex Trading Activities
The rise in volumes reflects the continuous improvement in the global economy. It also shows an increase in currency trading activities amongst many financial organizations that use CLS for foreign transactions. These organizations include hedge funds, investment banks, and others.
Danino-Lewis spoke further, revealing that the group witnessed an increase in the total volume among all instruments. He also highlighted the rise of FX forward volumes, stating that it was a noteworthy increase, as well as the 6.9% and 5.9% rise in FX spot and FX swap volumes respectively.
CLS enables FX trade settlement in 18 main currencies. It processes payments of more than $6 trillion every day. The current rise in volume shows significant growth for CLS and worldwide currency markets as the year continues.
Eurex also revealed pivotal results in January. It saw its volumes increase by 6% compared to last year. However, the total reports from companies that traded on Spot FX show a change in two continents. The volumes in Asia depreciated, while those in Europe increased.
ING and BNY Mellon Join The CLSNet Service
In a January report, ING and BNY Mellon joined forces with CLS. The two banking giants have joined the CLSNet service. This service aims to accurately calculate bilateral payments across over 120 currencies.
BNY Mellon has over $41.1 trillion in assets value and is considered the top custodian bank in the world. ING is known as a leading bank in the Netherlands, with more than €951 billion in assets value. Both companies are the latest additions to the continuously developing CLSNet community. This service currently boasts membership from eight top banks in the world.
