FX volumes rise above $5 trillion in January - CLS

LONDON Mon Feb 17, 2014 10:40am EST

LONDON Feb 17 (Reuters) - Average daily volumes in the foreign exchange market rose by more than 20 percent in January from a slow December, data from FX settlement system CLS showed.

The total daily volume of instructions submitted to CLS, combining settlement and aggregation services, was 1,210,588 up from 988,674 in December 2013.

The average daily value of transactions also climbed, by 8.6 percent to $5.3 trillion from $4.87 trillion.

The rise in volumes reflected a similar surge in daily forex trading on Thomson Reuters dealing platforms and that of its main competitor, EBS.

Both reported a rise in volumes in January driven mainly by turmoil in emerging market currencies which saw a rush to more liquid G10 currencies and steady demand for the Chinese yuan.

According to data released by EBS's parent inter-dealer broker ICAP, volumes on EBS were 23 percent higher in January at $87.5 billion.

Average daily spot volumes on Thomson Reuters rose 27 percent to $117 billion in January - the highest since last summer.

That was a far cry from December when volumes fell to $92 billion from a month ago. That was the lowest since Thomson Reuters started compiling the figures in January 2010, and together with September last year, only the second month when average daily volume has been below $100 billion.

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