CLS reported a strong start to the year, with FX trading activity surging in January. Average daily volumes reached USD 2.77 trillion, up 24.5% from January 2025, driven by broad gains across instruments. FX forwards rose 32.9%, swaps 24.2% and spot 22.1%, underscoring heightened market activity.
Meanwhile, new data from the MillTech Q4 Hedging Monitor points to a parallel rise in risk‑management focus. Eighty percent of UK and US corporates reported FX losses last year, with average hits of £6.71 million and $9.85 million respectively. Hedge ratios climbed to 49% in Q4, and nearly two‑thirds of firms plan to increase hedge ratios and extend tenors in 2026 amid tariff uncertainty.
