FXSpotStream LLC, the bank consortium and provider of multibank FX streaming aggregation and matching services across multiple asset classes, has reported its monthly trading volumes for May 2016, which took a step back, ultimately paring the last month’s slight gain, according to a FXSpotStream LLC statement.
During the month of May 2016, FXSpotStream reported an average daily volume (ADV) of $16,060 billion, which represents a move lower over a monthly timeframe, as volumes incurred a fall of -10.7% MoM from $17,978 billion back in April 2016. However, the latest figures constitute a jump of 26% YoY in terms of volumes from May 2015 and encompass all of the group’s streaming and matching products.
Indeed, May’s volumes are a ways off from the company’s peak of $20,977 set back in February 2016, which reflects a full +23.5% decline.
Commenting on the news, Alan Schwarz, CEO of FXSpotStream, stated to Finance Magnates reporters: “In February we supported a record ADV of USD21 billion. Year on year we continue to see strong volume growth with May recording a 26% ADV increase versus May of last year. In addition, client growth for our streaming aggregation business in May year on year increased 23%.”
FXSpotStream is a wholly owned subsidiary of LiquidityMatch LLC, and was created as a cost-effective platform, which is offered on a commission free model, for buyside firms to tap pricing from banks using a multi-dealer aggregating platform.
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The group started the streaming aggregation business in 2011 with just a spot FX API and 6 liquidity providers,
but now utilizes liquidity from a total of twelve leading global banks including BofA Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered, and UBS.
FXSpotStream’s offering is a client to bank platform, with each liquidity taker required to create individual credit relationships with participating banks. This differs from other multi-dealer platforms such as FX ECNs like Hotspot and EBS Markets that operate with centralized order book systems for their participants.
Last summer, FXSpotStream launched a new web-based HTML5 GUI to provide customers with greater access to both placing trades and monitoring their accounts without the need to use the downloadable platform. In terms of the group’s expansion plans, and after opening its London office last year, it plans to open a new office in Tokyo next month to further support the growing business in Asia and expand its sales and support staff in the region.