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®
February Volumes: All-Time ADV Record High
In February 2022, FXSpotStream registered a new high in terms of supported volume with an ADV of USD63.135bn. This represented a 19.15% increase MoM (compared to Jan ’22) and a 27.3% increase YoY (vs Feb ’21). The previous ADV high was in March 2020 as volatility around the Covid-19 pandemic reached its peak. Furthermore, February…
2021: A Year In Review
In 2021, FXSpotStream registered an ADV of USD48.397billion, an increase of 13.48% YoY vs. 2020 as we continue to gain market share. FXSpotStream reported positive YoY growth each month in 2021, with the exception of one. This growth was driven by positive YoY growth in all products, notably a 26.94% increase in Swaps ADV and…
FXSpotStream has been voted Best Margin FX ECN/Multi bank platform in the J-Money Survey for the 5th consecutive year. J-Money is a leading industry magazine for financial professionals in Japan. Founded in 1986, J-Money has published articles and editorial articles covering market trends such as foreign exchange, bonds and stocks, as well as developments in…
New Microsecond Low-Latency Architecture Announced
October 6, 2021 – JERSEY CITY, NJ – FXSpotStream (FSS) announces the deployment of a new low-latency architecture. The new architecture, which will be deployed globally, will deliver substantial improvements to the Service’s market data processing times. The project is already underway in the New York site and will involve a full overhaul of the…
The Full FX Unfiltered with FXSpotStream
Colin Lambert talks with Alan Schwarz, CEO, and Tom San Pietro, CTO, of FXSpotStream about the platform’s recent addition of algos. The three discuss the thinking behind the launch; the challenges of delivering multiple algos, from multiple providers, via an API; and the opportunity set for FXSpotStream and its clients on the buy and sell…
e-Forex Interview: A remarkable growth story
Read the Cover Interview with FXSpotStream’s Co-founder & CEO, Alan F. Schwarz who talks about the company’s recent announcement to support FX Algos and Allocations. Click here to read the full interview here.
June 23, 2021 – JERSEY CITY, NJ – FXSpotStream (FSS) has added functionality to support FX Algos and Allocations over its API and expects to have its first clients live in early Q3. FSS clients will have access to over 70 different Algos and 200+ parameters offered by the FSS Liquidity Providers (LPs). FX…
FXSpotStream Passes USD50Trillion
FXSpotStream has crossed the USD50 Trillion mark in volume supported over the Service since going live. Volumes over FSS have grown every year since FSS first launched, and in 2020 FXSpotStream registered as the fastest growing eFX service for the third consecutive year. Not only is this is a great milestone, but it also demonstrates…
FXSpotStream is proud to announce it was honored as the ‘Best FX Trading Platform’ in the 2021 Markets Choice Awards from Markets Media. It was the combination of FXSpotStream’s ‘no cost to taker’ model, combined with a strong focus on client service, that saw FXSpotStream emerge victorious. In 2020, FXSpotStream registered as the fastest growing…
FXSpotStream post second-highest ADV on record
In March 2021, FXSpotStream posted an ADV of USD54.674billion, an increase of 10.24% MoM vs February. March’s second highest ADV on record comes on the heels of the second highest ADV previously recorded last month, and trails only March 2020 when the FX market saw extreme volatility due to the Covid-19 outbreak. March ’21 also…