CLS volumes slightly up in February

Swaps and forwards continue to show steady growth, but spot is down 23% on the year

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Single count: CLS-settled FX volumes rose to $1.5 trillion in February after the method change

CLS-settled foreign exchange volumes increased to $1.5 trillion on a single-count basis in February, up 2.7% since January, when the utility changed its methodology from reporting both sides of a transaction to the convention used by the Bank for International Settlements (BIS).

Previously, CLS reported the number of payment instructions or settlement input volumes it received on a given day for future settlement, which included both sides of any trade and the far leg of FX swaps – despite both