Societe Generale has become the 15th liquidity providing bank to join FXSpotStream’s service since May 2020. The wholly-owned subsidiary of LiquidityMatch has added SocGen to the pool of liquidity which includes Bank of America, Barclays, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, MUFG, Standard Chartered, State Street, and UBS.
Alan F. Schwarz, Chief Executive Officer at FXSpotStream, commented: “Our focus when adding a new liquidity provider is to improve the ecosystem for our clients and ensure that we make available to clients liquidity in the areas needed. The addition of SocGen fulfils both of these criteria and complements the existing liquidity available to the clients using our Service.
“There is a high level of excitement about FXSpotStream right now as our numbers continue to grow. June was another great month for us with an ADV of USD43.287billion. June saw a 19.9% increase month on month from May 2020 and we registered our third-highest month ever. 2020 has also been a record-breaking year for FXSpotStream, with March bringing a new high in terms of monthly volume of USD1.372 trillion, and a daily record on March 9th of USD89.6 billion. The Service is averaging an 18.66% increase in ADV per month (Jan ’20 – Jun ’20) vs. the same time period in 2019 and we expect these numbers to continue to rise.”
Alex Dewhurst, Global Head of FX Sales at Societe Generale, said: “FXSpotStream’s cost-effective, transparent solution, as well as its impressive growth, were key drivers for us in providing liquidity using their Service. Their network is global, and it fits well with our global business, especially with our Emerging Market footprint. We are truly excited about what this means for us, our clients and prospective clients.”
Founded in 2011, this wholly-owned subsidiary of LiquidityMatch LLC is the only venue on the market with this 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 eliminated the cost of execution for price takers and allows price-makers the ability to pay a flat fee for all executed transactions.