FXSpotStream, a bank-owned consortium that provides the infrastructure to facilitate the route of trades from clients to liquidity providers, announced that its reported trading volumes grew at the fastest rate of all eFX cash venues in the first half of 2018, at 49% percent.
Additionally, the multibank FX price aggregation service surpassed the USD30 billion average daily volume (ADV) mark for the first time, reaching $30.4 billion in June 2018. The figure came in 8.2% higher than May 2018 and 49.5% higher than June 2017, which is the largest percentage increase of any cash venue reporting volumes, according to the company.
Alan F. Schwarz, Chief Executive Officer of FXSpotStream, commented:
“Our Average Daily Volume (ADV) was up 49% in the first 6 months of 2018 versus the same period in 2017. During the first half of 2018, we supported a total of USD3.56 trillion reflecting an increase in overall volume of USD1.15 trillion when compared to the first half of 2017.”
“Our model has remained simple, clear and compelling – provide a transparent, fully disclosed service at no cost to our liquidity consumers while charging our liquidity providers a flat quarterly fee irrespective of volume transacted. As a result, since we formed the company in 2011 we have grown the business on all fronts by adding liquidity providers, increasing products supported, enhancing functionality and adding staff to provide the highest level of support in the industry.”, Schwarz added.
Founded in 2011, FXSpotStream has 13 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, UBS, and most recently State Street.
Operating as a market utility as it streams the liquidity provided by 13 major banks, the firm’s unique commercial model eliminates the cost of execution for price takers and allows price makers the ability to pay a flat fee for all executed transactions.
FXSpotStream is a wholly owned subsidiary of LiquidityMatch and its multibank price aggregation service is designed for the purpose of executing FX spot, swaps, forwards, NDFs, NDS and Precious Metals spot and swaps trades. 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.