LONDON: Average daily foreign exchange trading volumes fell 10% year-on-year in March to $1.98 trillion, CLS said on Monday, as the wild price swings of a year ago when the COVID-19 pandemic struck were replaced by more orderly trading conditions.

CLS, a major settler of trades in the FX markets, said turnover in spot FX markets in particular dropped sharply last month from 2020 levels.

However, across the first three months of 2021, average daily trading volumes reached a record level of $1.95 trillion.