CLS’s Head of Information Services, Masami Johnstone, commented:
Following a period of wide-scale volatility and increased trading activity during the initial phase of the COVID-19 pandemic, average daily traded volumes in CLSSettlement – our payment-versus-payment settlement service – have now stabilized at significantly lower volumes as compared to the same period last year. In May 2020, we saw traded volumes of USD1.48 trillion, representing a decline of 4.3% compared to April 2020, and a decline of 8.5% compared to May 2019.
During May 2020, average daily traded volumes were lower across all instruments. FX spot volumes were down by 4.5%, FX swap volumes were down by 9%, and forward volumes were down by 19.6%. Compared to April 2020, the month of May did see an increase of 1.6% for spot volumes, but FX swap and forward volumes were down 5.6% and 14%, respectively. The decline in forward volumes was the result of the lower outright forward volume of USD363 billion at the end of May, representing a 36% decline compared to the end of April.
Despite the ongoing situation, we have continued to deliver all our services effectively.
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