Posted by Colin Lambert. Last updated: March 20, 2025
As the FX market prepares for its triennial benchmark survey of FX turnover, the signs are increasingly positive for yet another strong report, with CLS, LSEG and SGX publishing strong data to reinforce numbers from platforms that reported earlier in the month.
CLS hit its second highest average daily volume ever in February at just $2.302 trillion, just behind September 2024’s $2.389 trillion. This represents a 3.6% rise from January and is up 13.6% year-on-year, and was driven by growth in all products. Spot ADV at CLS was $556 billion per day, up 2.4% from January, but up 21.1% year-on-year, while outright forward activity was $204 billion, up 3% from January and up 13.3% year-on-year. FX swaps ADV was $1.542 trillion, this is also up 4.2% month-on-month and11.2% year-on-year.
Elsewhere, LSEG FX has also reported FX volume data, across its venues it reports spot ADV of $112 billion, it’s equal highest since March 2020 and the onset of the pandemic (it also hit this number in March and September 2022). This is up 13.1% from January and up 24.4% year-on-year, meaning LSEG produced the best relative performance of all the platforms in February.
Growth was slower in the non-spot world, where LSEG reports ADV of $406 billion, up from $403 billion in January and a 19.1% rise year-on-year. This is also the second highest non-spot SDV reported by LSEG across its venues, beaten only by September 2024.
Earlier in the month, Deutsche Börse reported total FX volume on 360T of EUR 160.4 billion, the third highest the venue has reported, this time beaten only by June and December 2024.
Finally, SGX says its FX futures suite traded 6.133 million contracts in February, also a new high. In ADV terms, volume was up 17% from January and 80% year-on-year, in absolute contract terms it was up 6.4% and 71.6% respectively.
thefullfx.com