FXSpotStream®‘s Expands with Addition of FX Forwards and Swaps
FXSPOTSTREAM®‘S PRICE AGGREGATION SERVICE EXPANDS WITH THE ADDITION OF FX FORWARDS AND SWAPS. AUGUST ADV SURPASSES PRIOR JUNE RECORD BY 28% AND GROWS 274% YEAR ON YEAR 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 FX Forward and Swap price streams from its sites in New York, London and Tokyo. FXSpotStream®‘s liquidity providers, which include BofA Merrill Lynch, BNP Paribas Citi, Commerzbank AG, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and UBS, are now able to seamlessly stream Spot, Forward and FX Swap and Spot Precious Metals prices using the existing connection. Alan F. Schwarz, CEO, stated: “As we approach the 3 year anniversary of our business we are extremely pleased with the continued growth of the Service. The addition of FX Forwards and Swaps, together with RFS functionality, is a natural extension to the existing Spot FX and Precious Metals price streaming offering. At the same time, we have remained intently focused on supporting our liquidity providers and clients. As a result, we have seen the volume supported by the Service continue to increase at a rapid pace. August was yet another ADV record for FXSpotStream® exceeding the prior ADV record set in June by 28%. Year on year August ADV increased by 274% with August ADV surpassing ADV in July by 33% supported by an 88% year on year increase in clients in August. BNP Paribas is also now live globally and trading with clients. The utility model underlying the business and 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 is meeting its objectives. As we look ahead, 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 FX Spot, Forward and Swap and Spot 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. Liam Hudson, BofA Merrill Lynch’s Managing Director and Global Head of FX Ecommerce Trading, said “BofA Merrill Lynch has been involved with FXSpotStream® from its inception and we continue to be impressed by how quickly the Service has grown with the addition of new liquidity providers, clients and functionality. Take up among our own clients has been extremely fast and we now have clients trading in all regions. The no brokerage fee model combined with a transparent and fully disclosed trading environment works well for us and our clients.” “We are delighted with the company’s growth, stability and reliability as it supports a growing number of liquidity providers and clients transacting more volume over the Service,” added Paul Scott, Global Head of eFX at Commerzbank Corporates & Markets. “The increased volume supported by the Service has exceeded our short term expectations. The addition of FX Forwards and Swaps to the existing product range will provide us and our clients with further opportunities to benefit from the Service.”
More Posts from FXSpotStream®
The TRADE News Speaks with FXSpotStream CEO, Alan Schwarz, at TradeTech FX Europe
Reporting from TradeTech FX Europe: The TRADE speaks with FXSpotStream’s CEO, Alan F. Schwarz, about the importance of meeting client’s needs, volatility experienced this year, as well as what the future holds for the firm. Alan Schwarz, CEO of FXSpotStream from TRADE TV on Vimeo.
The FullFX Unfiltered with FXSpotStream
Following the addition of all the LP FX Algos to our GUI, our CEO, Alan F. Schwarz, and CTO, Tom San Pietro, sat down with Colin Lambert of The Full FX to discuss the growth in supported Algo volume on the API and GUI and what’s ahead. In August we registered an ADV high in…
Reflecting on 11 Years of Milestones
Eleven years after work began to create FXSpotStream, we reflect on some of the incredible milestones we have achieved along the way.
July Volumes: USD64.037 Billion; Second Highest ADV Ever
July overtook June as our second highest ADV ever, at USD64.037bn, an increase of 0.31% MoM. June had previously set a record for the second highest ADV, following a 9.32% increase over May 2022. July’s ADV represents a 33.66% growth in terms of ADV YoY for FXSpotStream, the largest YoY volume percentage increase of any…
June Volumes: USD63.878 Billion; Second Highest ADV Ever
FXSpotStream registered its second highest ADV ever in June ’22 surpassing the previous second highest ADV record set in February ’22. June also registered the 2nd highest total volume in any month. In addition, June’s ADV of USD63.837billion is a 9.32% increase over May’s ADV of USD58.392billion and marks a sixth consecutive month supporting well…
Featuring: Dan MacGregor (State Street), Ajay Kataria (Barclays), Loic Bourgeois Ducournau (Societe Generale) and Alan Schwarz (FXSpotStream) Understanding your market impact is a huge factor in any trade. Algos can be configured to your desired execution styles (passive, neutral or aggressive) and altered during execution. In our final episode we will discuss the WHY. When…
Featuring: Mark Meredith (Citi), Nickolas Congdon (Commerzbank), Evangelos Maniatopoulos (Credit Suisse) and Raju Dantuluri (FXSpotStream) In episode 3 we take a look at algo strategies with speakers from Citi, Commerzbank and Credit Suisse. Strategies are the big differentiator when choosing an algo and although some may appear similar on the surface, by controlling the parameters…
Algo Types: Accessing Spot Contingent Forwards and NDF Algos
Featuring: Paris Pennesi (HSBC), Alexander Nowak (J.P.Morgan), Asif Razaq (BNP) and Tom San Pietro (FXSpotStream) Understanding how the LPs deal with Spot contingent Forwards where clients can set a forward date on order entry and the Algo would automatically roll forward after it has executed. Popularity of NDF currencies with respect to deliverable currencies for…
FXSpotStream registered a NEW RECORD ADV HIGH in March ’22 surpassing the ADV record set last month. March’s ADV of USD70.115billion is an 11.06% increase over February’s ADV of USD63.135billion and completes what has been the highest volume quarter in the company’s history. In Q1 2022, FXSpotStream supported USD3.988trillion, with a Q1 ADV of USD62.313billion.…
Join FXSpotStream, Representatives from the FXSpotStream Liquidity Providing Banks and Moderator, Colin Lambert of The FullFX, as we sit down with our LPs to discuss FX Bank Algos. This 4-part series will be broadcast in LIVE sessions as we uncover different aspects of FX Bank Algos, how clients can use and benefit from the Bank…