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Foreign Exchange

FX news: CLS monthly volumes increase

CLS released its monthly settlement data this week for January 2011 and included data for its aggregation service CLSAS.

CLS settled an average daily volume of 752,838 instructions. This is up on December and is a 5% increase on the same period last year (January 2010: 718,917 sides settled). Average daily values settled were slightly up at $4.43 trillion (double-counted), an increase of 13% over the same period last year ($3.92 trillion).

CLSAS is now live, with eight founding member banks, and works by matching and compressing trades between participants before processing and settlement in CLS.

It sounds like the system is working well: in January 2011, CLSAS aggregated a daily average 135,710 instructions and recorded an average compression ratio of 93%. The service also recorded a new daily record volume of 189,028 on January 25. Once aggregated, trades are submitted to CLS for settlement.

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