FXSpotStream (FSS) LLC, a subsidiary of LiquidityMatch LLC, has announced that BNP Paribas will become the newest liquidity provider for its client base, adding to an already robust list of eight banks responsible for this service, according to an FXSpotStream company statement.
BNP The Newest Member Of Providing Banks
Indeed, FSS is a technology and infrastructure firm providing a suite of spot forex price services for multiple clients worldwide. The company maintains a presence globally, serving major hubs across Tokyo, London, and New York, having recently orchestrated the launch of an aggregation service for users. As the ninth provider of liquidity, BNP Paribas joins a distinguished list of leading firms that includes BofA Merrill Lynch, Citi, Commerzbank AG, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, and UBS.
According to Alan F. Schwarz, CEO of FXSpotStream in a statement on the integration, “we are very pleased to have BNP Paribas join as the 9th liquidity provider to FXSpotStream’s clients. The continued addition of liquidity providers and the growth in our client base is directly related to the alignment of our cost structure with the need by our liquidity providers and clients to reduce the significant fees incurred in transacting with each other. Client growth continues to be strong and volume from existing clients continues to increase. Volume supported by FXSpotStream continues to hit record levels with March hitting another all-time record on an overall and average daily volume basis. We expect to have BNP Paribas live and available for trading in May of this year.”
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Client Needs In Focus
Liquidity is a resource that is always in short supply for forex brokers and firms and the new partnership with BNP will satisfy this need. Indeed, FSS operates as a market utility, providing the infrastructure that enables the multibank GUI and API to route trades from their client base to liquidity providers.
“We are very pleased to be joining FXSpotStream. We look forward to establishing a long term partnership which will enhance opportunities and benefit our clients. We welcome the chance to become an integral part of the service and to help grow the FXSpotStream business as we remain firmly focused on our client needs,” added Ian Williams, Head of Electronic Markets Japan at BNP Paribas Securities (Japan) Limited.
FSS does not charge brokerage fees to clients or liquidity banks, making such deals extremely attractive to liquidity-providing banks. As such, “FXSpotStream’s structure and business model is unmatched in the industry. We are able to transact with our clients directly using bespoke streams over a fast, stable and reliable infrastructure from locations in New York, London and Tokyo and do so with no brokerage charge. We have a strong commitment to seeing the business grow as it complements our objectives to reduce the costs we and our clients incur in transacting with each other,” noted Richard Anthony, Global Head of FX, eRisk, GFX at HSBC.