FX news: Hotspot, CLS report
Following record volumes in Q4 2009, when average daily volume reached $30.0 billion, January was a steady month for Hotspot, registering average volume of $30.8 billion. That is still a 131.5% increase over January 2009’s average volume of $13.3 billion.
Meanwhile CLS Bank settled a record daily volume of 1,733,262 payment instructions on February 16. Total value settled was $6,181 billion and total net funding was $44.8 billion. This record is substantially above the previous record of 1,544,166 settled during the week of September 14, 2008.
Rob Close, CEO of CLS Bank International, says: “This record follows both a surge in trading volumes since the start of the month and the US public holiday yesterday. It is particularly gratifying to see the service’s netting efficiency exceed 99%. This liquidity management benefit from CLS settlement is often overlooked but its positive impact is underlined during high value days such as today.”