# CLS volumes dip in March, but it’s a record Q1

## The settlement utility records average daily volumes of $1.87 trillion for Q1 2018 Total foreign exchange volumes settled through CLS decreased in March to$1.855 trillion, slipping 4.8% from the record high set in February.

In February, the settlement utility reported average daily volumes of $1.949 trillion, as a steady rise in volatility and a multi-year effort to bring new business to the platform resulted in an uptick in activity. Despite the slight downturn, it was still a record first quarter for the firm, recording ADV of$1.87 trillion for Q1 2018, compared with the