BNP Paribas has joined FXSpotStream® as a Liquidity Provider
FXSPOTSTREAM® ANNOUNCES THAT BNP PARIBAS HAS JOINED AS A LIQUIDITY PROVIDER OF FXSPOTSTREAM®’S PRICE AGGREGATION SERVICE, EXPANDING FXSPOTSTREAM®‘S LIQUIDITY PROVIDERS TO NINE GLOBAL FX BANKS, AND MARCH VOLUMES HIT ANOTHER ALL TIME RECORD JERSEY CITY, N.J. – FXSpotStream® LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced that BNP Paribas has joined as a new liquidity providing bank to FXSpotStream®’s clients. BNP Paribas adds to the liquidity available from FXSpotStream®’s existing liquidity providers, which include BofA Merrill Lynch, Citi, Commerzbank AG, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and UBS. Alan F. Schwarz, CEO, stated: “We are very pleased to have BNP Paribas join as the 9th liquidity provider to FXSpotStream®’s clients. The continued addition of liquidity providers and the growth in our client base is directly related to the alignment of our cost structure with the need by our liquidity providers and clients to reduce the significant fees incurred in transacting with each other. Client growth continues to be strong and volume from existing clients continues to increase. Volume supported by FXSpotStream® continues to hit record levels with March hitting another all-time record on an overall and average daily volume basis, exceeding the prior records by 11% and 6%, respectively. At the same time, we have continued to add functionality to the offering and expect to announce the addition of new products in Q3 of this year. We expect to have BNP Paribas live and available for trading in May of this year.” 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 multibank GUI and API 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. Ian Williams, Head of Electronic Markets Japan, BNP Paribas Securities (Japan) Limited added “We are very pleased to be joining FXSpotStream®. We look forward to establishing a long term partnership which will enhance opportunities and benefit our clients. We welcome the chance to become an integral part of the service and to help grow the FXSpotStream® business as we remain firmly focused on our client needs.” Richard Anthony, Global Head of FX eRisk, GFX, HSBC, stated “FXSpotStream®’s structure and business model is unmatched in the industry. We are able to transact with our clients directly using bespoke streams over a fast, stable and reliable infrastructure from locations in New York, London and Tokyo and do so with no brokerage charge. We have a strong commitment to seeing the business grow as it complements our objectives to reduce the costs we and our clients incur in transacting with each other.” “Since its launch, FXSpotStream® has been a popular platform with our clients, and so we are pleased to see the continued expansion of the Service and the increased liquidity that this brings,” said Eddie Wen, Managing Director, Global Head of FX and Rates Electronic Commerce, J.P. Morgan.
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