CLS, which operates the largest multi-currency cash settlement system to mitigate settlement risk for the FX transactions of its members and their customers saw a fall back in volume activity for July.
Alexander Filshie, Chief Financial Officer, CLS: ”The average daily volume submitted to CLS in July 2014, combining the settlement and aggregation services, was 926,174 down 9.8% from 1,027,055 in June. The average daily value submitted to CLS was US$4.71 trillion down 13.7% from US$5.46 trillion in June.”
After a promising bump up in volumes for June led by some central bank moves and in-particular, GBP strength…volumes have come back a bit mid summer. Although, this could be the calm before the storm of some central bank policies diverging, which should set the stage for another nice bullish run of FX volumes.
