FXSpotStream LLC, a bank-owned consortium that provides the infrastructure to facilitate the route of trades from clients to liquidity providers, continues to print new all-time highs.With State Street live on the price aggregation service since the prior month, FXSpotStream dealt a record ADV high of USD26.3 billion in January 2018. February, however, kept pushing the number upward, having reached an average daily volume (ADV) of USD28.8 billion, up by 9.5% month-over-month. Year-over-year, average daily volume is up an incredible 54%, from February ’17.
Overall volume came in at USD576.63 billion in February, slightly lower than January’s USD579.46 record high. Lower overall volumes in February are common due to having fewer trading days. February 2018 had 20 trading days, whilst January had 22.
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.
When State Street went live, Jeremy Armitage, Global Head of eFX of the bank, commented: “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 collocation sites in NY, London, and Tokyo”
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.
The record ADV in January followed a yearly high for all of 2017 in which FXSpotStream supported over US$5 trillion in volume, a record amount supported in any one year since the business was started in 2011.
Founded in 2011, FXSpotStream eliminates the cost of execution for price takers and allows price makers the ability to pay a flat fee for all executed transactions. It 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.
