FXSpotStream®‘s Spot FX Price Aggregation Service Adds Spot Precious Metals
FXSPOTSTREAM®‘S SPOT FX PRICE AGGREGATION SERVICE CONTINUES TO EXPAND WITH THE ADDITION OF SPOT PRECIOUS METALS JERSEY CITY, N.J. – FXSpotStream® LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced the continued expansion of its Service with the addition of Spot Precious Metals price streams and the commencement of client and bank production trading. FXSpotStream®‘s liquidity providers, which include BofA Merrill Lynch, Citi, Commerzbank AG, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and UBS, are now able to seamlessly stream Spot FX and Spot Precious Metals prices using the same existing connection. Alan F. Schwarz, CEO, stated: “As we approach the two year anniversary of the company’s formation we have seen the business mature from its original Spot FX API offering with the additions of a desktop application/GUI this past summer and now the streaming of Spot Precious Metals prices to compliment Spot FX. In parallel we expanded the original liquidity provider base and currently have 8 of the leading banks in the market providing liquidity to our clients. The result has been a continuous growth in clients globally and volumes supported by the Service, which hit an all-time record in October. The utility model underlying the business is meeting its objectives and we expect to continue to expand the offering with the addition of products, functionality and liquidity providers.” FXSpotStream® provides a multibank FX aggregation service to clients for the purpose of executing Spot FX and Precious Metals trades. Banks connected to FXSpotStream® serve as liquidity providers to clients. FXSpotStream® functions as a market utility, providing the infrastructure that facilitates the GUI and multibank API routing mechanism to route trades from clients to liquidity providers. Clients access a GUI or single API from co-location sites in New York, London and Tokyo and have the potential to communicate with all liquidity providing banks connected to the FXSpotStream® solution. FXSpotStream® does not charge brokerage fees to clients or liquidity banks. Alex Maillard, Global Head of eFX Distribution at UBS, said “FXSpotStream®’s progress since going live is impressive and it has quickly become one of the tools we rely on to trade with our clients in a fully disclosed bilateral manner. Our clients were requesting streaming of Spot Precious Metals prices via the same Spot FX GUI and API and with no brokerage charge. FXSpotStream® once again quickly delivered a solution to the liquidity providers and our clients.” “We are pleased with the company’s ability to quickly enhance the Service for the commodities market, added Eddie Wen, Managing Director at J.P.Morgan. The inclusion of Spot Precious Metals pricing on FXSpotStream® is a welcome addition to the original FX offering and we expect to continue to grow the number of clients we trade with over the price streams available on the Service as a result.” “Since partnering with FXSpotStream® over one year ago, we have been pleased with the Service’s ability to connect us as liquidity providers to our clients in the FX Spot market, said Giovanni Pillitteri, Managing Director, Global Head of FX Electronic Trading. The addition of Spot Precious Metals is a valuable compliment to the existing offering that addresses our clients’ needs and supports Morgan Stanley’s commitment to provide a superior level of service and electronic liquidity in Precious Metals.”
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