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LONDON, March 12 (Reuters) - Average daily volumes in the foreign exchange market dipped slightly in February from a month earlier, although the value of trades stayed above the $5 trillion mark for a second straight month, data from FX settlement system CLS showed.
The total daily volume of instructions submitted to CLS, combining settlement and aggregation services, was at 1,150,663 in February, down from 1,210,588 in January 2014.
The average daily value of transactions slipped 2.7 percent to $5.15 trillion from $5.29 trillion in January.
The drop in volumes reflected a similar dip in daily forex trading on Thomson Reuters dealing platforms and that of its main competitor, ICAP-owned EBS.