CLS Sets New Record for Number of Contracts Executed on Sept. 17th

Global FX settlement service CLS announced it transacted a record number of contracts traded on Sept. 17^th due to volatile financial markets.

Bank details indicated that CLS handled more than two million FX instructions worth over $10 trillion. A sum total of 2,000,206 instructions were executed on Sept. 17, beating the previous record set on 18^th Sept., 2013 of 1,993544 instructions.

The bank also revealed that nearly 99 percent of the instructions were executed in about 45 minutes, between 07:15 and 08:00, indicating the progress the company has made to improve its technology.

Financial markets have been volatile due to various factors such as the crisis in Ukraine and the Middle East and Scotland’s referendum, pushing up trading metrics for most FX firms. FX markets keenly monitored the Federal Reserve Chair Janet Yellen’s speech today after the conclusion of the central bank’s two-day policy meeting.

The Fed retained its record-low interest rates for a “considerable time”, and reduced its monthly bond purchase program by another $10 billion to $15 billion.

CLS also said that the contract values stood at $10.08 trillion, almost close to its all-time record of $10.34 trillion that was set on 19^th March, 2008.

Meanwhile, Rhodri Hughes exited Deutsche Bank after he was appointed by Lloyds Bank as its Foreign Exchange Sales Director, operating out of London.

In his new position, Hughes will report to Anders Nilsson, the Managing Director of Global FX Sales at the British bank. Before he was hired by Lloyds, Hughes had a three-year stint at Deutsche Bank in its FX Sales department. Previously, he worked with HSBC since 2008.