CLS Bank announced promising results for settlement in the month May. The figures show May performing better in FX volumes over a sour April.
The average daily volume rose to 740,342 from 668,535 in April.
CLS settled an average daily value of $4.51 trillion in May, up from $4.47 trillion in April, though still down from the $5.07 trillion recorded in March.
Total volumes submitted to CLS, combining settlement and aggregation services, rose to 1,061,829 sides from 945,388 in April.
The CLS Aggregation Service aggregated a daily average of 343,257 instructions, up from 289,835 in April.
CLS Group was founded in 1997 to create the first global settlement system, mitigating settlement risk in the foreign exchange market. CLS Settlement is the market standard for FX settlement and is the industry’s response to increased and continuing regulatory concern about settlement and systemic risk associated with the growth in FX trading.
CLS Settlement is offered by CLS Bank International (‘CLS Bank’). Owned by the foreign exchange community, CLS Bank operates the largest multi-currency cash settlement system to mitigate settlement risk in the foreign exchange market.