FXSpotStream, the aggregator service of LiquidityMatch and a major institutional platform in the FX market, has added Barclays as the 14th bank available to clients connected to its price aggregation service.
FXSpotStream provides a multibank FX aggregation service for spot FX trading. The platform operates as a bank-owned consortium that provides the infrastructure to facilitate the route of trades from clients to liquidity providers.
“We are delighted to have Barclays join the existing liquidity providing banks currently on our Service. The addition of Barclays continues to address demands from our global client base looking to add to their liquidity sources. We expect to have Barclays live globally in Q2,” said FXSpotStream CEO Alan F. Schwarz.
The news comes as FXSpotStream reached a milestone of $37.03 billion in average daily volumes in January 2019, up by 19 percent over a monthly basis from $31.09 billion in December 2019. This figure, however, reflects a year-on-year drop of 3.50 percent compared with its counterpart from January 2019.
FXSpotStream’s ADV for all of 2019 was up 21 percent when compared to the same period during 2018.
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Barclays goes live on Q2
Barclays e-FX franchise joins to the existing panel of global banks providing liquidity to FXSS’s clients, which include BofA Merrill Lynch, MUFG Bank, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered, State Street, and UBS.
“We have a global eFX client base that matches well with FXSpotStream’s global footprint. Joining FXSpotStream ensures that we can support and grow our eFX franchise by leveraging their global network from colocation sites in NY, London and Tokyo,” commented Alex Shterenberg, Global Head of G10 and EM EFX Trading at Barclays.
FXSpotStream was created as a cost-effective platform, which is offered on a commission-free model for buy-side firms to tap pricing from banks using a multi-dealer aggregating platform.
The group started the streaming aggregation business in 2011 with just a spot FX API and six liquidity providers but now utilizes liquidity from a total of fourteen leading global banks.
Meanwhile, 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.