FXSpotSpotstream’s price aggregation service has just increased the number of liquidity providers on the trading venue to 13. The latest major bank to join the feed is State Street. The newest liquidity providing bank is joining an already impressive list that includes the likes of BofA Merrill Lynch, BTMU, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered and UBS.
Commenting on the announcement, the CEO of FXSpotStream, Alan F. Schwarz, stated: “We are very pleased to add State Street to the existing panel of global banks on our Service. The addition of State Street addresses demand from our clients to add their liquidity. We expect to have State Street live globally in early Q4.”
“As we have increased the number of liquidity providing banks, we have dramatically increased the volume supported by the Service. On the day of the US election last year we supported a record USD49b with November 2016 also hitting an ADV record of USD22.3b. Our overall volume growth has continued this year and in August we recorded the second highest ADV in 2017 and increased the volume supported 55% on a year on year basis,” Schwarz added.
FX Volatility Rising Rapidly
Albeit at a slow pace, interest rates have been increasing in recent months, pushing FX volatility back into focus. A number of trading venues have reported increasingly high figures in recent weeks.
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The Bank of England has driven the pound off its lows for the year, while the current month appears to be on track to become the most active of 2017 for many ECNs and brokers. After a period of long lasting slow-paced moves in the first 7 months of the year, rising interest rates appear to be pushing FX volatility away from multi-year lows.
Alan Schwarz highlighted the company’s launch of NDFs and NDS earlier this year and the rollout of precious metals swaps this month. The firm’s expanded product line up puts it on track to become even more competitive when compared to its peers.
The full lineup of products now includes FX spot, forwards, swaps and spot precious metals available via the company’s API and GUI.
“Next quarter we plan to deploy an analytics suite which will allow our banks and clients to view in real-time details about the “life cycle” of a trade and other metrics including best execution and spread analysis,” Schwarz explained regarding the firm’s plans for the coming months.
Commenting on the addition of State Street to FXSpotStream’s service, the Global Head of eFX at State Street, Jeremy Armitage, said: “We have focused over the last few years on significantly improving our electronic pricing service, and the products we offer to our clients.”
“FXSpotStream is now established as an important execution venue for our foreign exchange clients and market counterparties. Joining FXSpotStream will help continue the expansion of our eFX franchise by leveraging FXSpotStream’s global network from colocation sites in NY, London and Tokyo,” Armitage added.