CLS Group, , providing settlement services across the foreign exchange (FX) market, today reported FX activity for October 2018, showing a drop in the overall daily average trading month-on-month.
During the month of October 2018, the that was submitted to CLS was $7.1 trillion. When compared to the previous month, this is down 1.1 per cent, falling from $1.73 trillion in September 2018.
Taking a closer look, the average daily swap FX traded volume for the month came in at $1.16 trillion. When compared to the same period in 2017, this is up by around 6 per cent, as October 2017 had an average daily traded swap FX volume of $1.09 trillion.
Whilst up on a year-on-year basis, the average daily traded volume for October 2018 is down when comparing it to September of this year, which achieved an average daily trading volume of $1.2 trillion. As a percentage, this is around 3 per cent more than in October.
Spot FX volumes increase across the board
Moving on, CLS reported an average daily traded spot FX volume of $471 billion. Unlike swap FX, this is an increase both year-on-year and month on month. When compared to October 2017, the volume is up more than 9 per cent.
When measuring this against the submitted to CLS in September 2018, which had a volume of $447 billion, this is also up by slightly more than 5 per cent.
The average daily traded volume for forward FX in October was $78 million. This is the complete opposite to spot FX, as this product saw a decline from both October 2017 and September of this year.
Specifically, as October 2017 recorded an average daily traded volume of $99 million, this represents a fall of 21 per cent year-on-year. When comparing October 2018 volumes to the previous month, which had an average daily traded volume of $83 million, this is also down 6 per cent.
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