CLS Group Posts $1.74 Trillion in FX Average Daily Traded Volume for July

CLS Group, a US-based foreign exchange settlement provider, has published its monthly metrics for July. According to the report, the total average daily traded volume submitted to CLS reached $1.74 trillion, an increase of 5% compared to July 2020. However, on a month-on-month basis, volumes were down 8.6%.

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For the FX forward, the report noted that figures were $0.08 trillion for July, which increased 4% compared to the same period in 2020. FX swap trade volumes were $1.24 trillion, up 4% on a yearly reading compared to a year ago. In addition, spot trades rose 8%, contributing $0.42 billion to the total volume.

Volumes across some of the major currency pairs increased significantly – with USD/CAD, GBP/USD, AUD/USD and USD/CHF up by 16%, 24%, 15% and 12%, respectively – but EUR/USD decreased by 11% compared to the previous year.

In terms of daily spot volumes activity, CLS Group noted that July 2 was the busiest day, with $558 billion traded in the USD currency pairs, including EUR/USD, USD/JPY, USD/CAD, and GBP/USD.

In July, CLS Group has completed the migration of its settlement service​ to its Unified Services Platform (USP), with the implementation of Convergence. The migration of CLSSettlement will optimize the company’s underlying technology platform supporting its settlement services.