FXSpotStream LLC, a subsidiary of LiquidityMatch LLC, has revealed that Credit Suisse has opted to join its Price Aggregation Service, providing liquidity to FXSpotStream’s clients, the tenth such globally recognized bank, according to an FXSpotStream statement.
The list of global banks that are liquidity providers to FXSpotStream has now grown to ten, a comprehensive list that includes BofA Merrill Lynch, BNP Paribas, Citi, Commerzbank AG, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, and UBS.
The last bank of this magnitude to sign with FXSpotStream was BNP Paribas in April 2014. Presently, FXSpotStream maintains a presence globally, serving major hubs across Tokyo, London, and New York.
FXSpotStream has been the beneficiary of rampant expansion during 2014, having slingshotted out of the low volatility last summer that helped fuel business into 2015. The company specializes in FX forwards and swaps, along with aggregating liquidity from several providers.
Executives Weigh In
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According to Alan F. Schwarz, CEO of FXSpotStream in a recent statement on the agreement, “we are delighted that Credit Suisse is joining FXSpotStream as the 10th liquidity provider. With the addition of Credit Suisse our mutual clients now have access to liquidity from nine of the top 12 global FX banks. FXSpotStream continues to address the needs of the FX community as evidenced by our 310% year on year (2014 vs 2013) volume growth and an 83% increase in the number of clients added to the service compared to the same period last year.”
“Our unique business model is leading the industry in offering a low cost, transparent venue while providing a high quality service to our clients and banks. We expect to have Credit Suisse live and available for trading next month. Additional liquidity providers are expected to join the Service later this year,” he added.
“Credit Suisse is continually looking for new ways to service clients and, by joining FXSpotStream, we are providing them with an additional point of access our FX liquidity’’ noted John Estrada, Head of eFX Trading at Credit Suisse in an accompanying statement.
According to Steve Aldridge, Head of Macro eSales EMEA at Credit Suisse, “for Credit Suisse, the aim is to engage with clients in an efficient and cost-effective manner, allowing us to focus on delivering an exceptional trading experience to clients.’’
“We are very pleased with FXSpotStream’s growth since its launch over 3 years ago and welcome Credit Suisse to the Service. We continue to experience strong demand globally from our clients who wish to transact with us in a fully disclosed, bilateral, no commission fee basis. FXSpotStream’s focus on reducing the costs is beneficial to the industry,” reiterated Richard Anthony, Global Head of FX eRisk at HSBC.