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Foreign Exchange

Icap, CME and CLS data show market still in good shape

The latest turnover figures from Icap, CME and CLS show that while spot volumes (assuming CME’s futures are predominantly used as a proxy for spot) are still growing, the rate of expansion is slowing. The average daily volume on EBS in July was $206 billion, a 9% increase over July 2007. On the CME, total FX turnover rose 2% on July 2007 to a daily average of 640,347 contracts, or $90.2 billion in nominal terms. Growth was stronger in its option contracts, which expanded by 7% over July 2007 to a daily average of $3 billion. This was largely driven by a greater move towards electronic trading, which expanded by 42%.

Meanwhile, July was almost a record month for CLS. A total of 542,361 sides settled, just below March’s record of 547,000, and the average daily value was $4.01 trillion.

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