FXSpotStream LLC, a bank-owned consortium that provides the infrastructure to facilitate the route of trades from clients to liquidity providers, announced that State Street, its 13th bank available to clients connected to FXSpotStream’s price aggregation Service, is now live and trading globally.
It was in September 2017 that the companies announced the incoming liquidity of State Street. The bank has joined FXSpotStream’s existing liquidity providers, which include BofA Merrill Lynch, BTMU, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered and UBS.
Alan F. Schwarz, Chief Executive Officer of FXSpotStream, stated: “We closed the year on a strong note with the addition of State Street to the existing panel of global banks on our Service. State Street is now live globally and pricing to our clients out of our sites in New York, London, and Tokyo.”
Schwarz continued, “2018 is already off to a great start with January breaking an all-time monthly ADV record at USD26.3b, exceeding our prior monthly high in September of last year by 10%. Our January ADV increased 33% over December 2017 and 40% when compared to January 2017. Our record ADV in January follows a yearly high for all of 2017 in which we supported over USD5 trillion in volume – a record amount supported in any one year since the business was started in 2011.
“Our NDF volume has also grown since we added NDFs in Q1 of last year and we expect increased volumes in NDFs in 2018. Our clients are now also trading precious metals swaps which we added in late Q3 2017 to complement the existing product line up which includes FX spot, forwards, swaps and spot precious metals on our API and GUI. This quarter we are on track to deploy an analytics suite which will allow our liquidity providers and clients to view in real-time details about the “life cycle” of a trade and other metrics including best execution and spread analysis”, Schwarz concluded.
Jeremy Armitage, Global Head of eFX at State Street, commented: “Less than three months after announcing we had joined FXSpotStream we started trading with our first client. We are now live and trading with our clients in APAC, EMEA and the Americas and have strong demand from our eFX client base which continues to expand rapidly.”
“FXSpotStream’s record volumes and diversified client base have established FXSpotStream as an important execution venue for our foreign exchange clients and market counterparties. We look forward to continuing to expand our eFX franchise by leveraging FXSpotStream’s global network from colocation sites in NY, London, and Tokyo”, Armitage added.
Founded in 2011, this wholly owned subsidiary of LiquidityMatch LLC is the only venue on the market with this unique commercial model while providing multibank FX streaming, RFS and matching services supporting trading in FX Spot, Forwards, Swaps, NDF/NDS and Precious Metals Spot and Swaps. The service has eliminates the cost of execution for price takers and allows price makers the ability to pay a flat fee for all executed transactions.
The Industry Spread has reported FXSpotStream’s volume metrics for January 2018, its best month so far.
