FXSpotStream volumes hit 14-month high in November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2023, which moved higher on a monthly basis.

Specifically, November’s average daily volume (ADV) was reported at $70 billion, the highest figure since September 2022. The ADV metric was up 3.4 percent from $67.7 billion in October 2023, and was also up by 4 percent year-over-year when compared with $67.3 billion in November 2022.

Meanwhile, November’s total turnover came in at $1.54 trillion, which was higher than $1.48 trillion in the previous month. On a yearly timetable, the figure was higher from $1.48 trillion in November 2022.

We last report on FXSpotStream back in October when it selected financial markets data science firm FairXchange for independent execution analytics.

The integration of FairXchange’s data analytics platform, dubbed “Horizon,” is set to bolster real-time analytics, facilitating more precise trading execution and in-depth analysis.

Horizon’s incorporation is also expected to assist FXSpotStream’s Liquidity Management team in managing relationships with both price takers and liquidity providing banks. Clients of FXSpotStream will gain insights into their execution, allowing them to refine trading strategies and strengthen relationships with liquidity providers.

FXSpotStream was in the news recently after it appointed the global head of EBS, Jeff Ward, as its permanent chief executive officer. Jeff will assume the CEO role effective January 1, 2024, responsible for leading the strategic direction of LiquidityMatch and its subsidiaries, including FXSpotStream LLC.

Jeff formerly ran CME Group’s Electronic Broking Services (EBS), a wholesale electronic trading platform used to trade on the foreign exchange market (FX) with market-making banks. It was originally created as a partnership by large banks and then became part of CME Group.

He takes over responsibilities from Alan Schwarz, co-founder of FXSpotStream, who left the firm in February as part of a planned changeover. Schwarz, who has served as the CEO for over 11 years, chose to keep the specific reasons for his departure private.