FXSpotStream Kicks Off E-FX Volume Reports on a High Note

FXSpotStream reported an average daily volume (ADV) of $35.54 billion in November.

Activity on FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, fell slightly in November, but volumes ranges are still firmly installed within its monthly records hit earlier over the past three months. The company set a positive tone for a raft of similar announcements from eFX cash venues to be issued later this week.

Last month, FXSpotStream built on its robust performance throughout 2018, setting another fresh high for trading volumes in the group’s seven-year history. The solid performance came as the company got off to a strong winter as political turbulence in Italy, Fed’s policy updates, and trade wars increased activity on foreign exchanges, helping steer volumes across several venues.

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In terms of average daily volume (ADV), FXSpotStream reported $35.54 billion, which represented a move lower of less than one percent over a monthly timeframe, compared with $35.85 billion back in October 2018. However, the latest figures, which encompass all ‎of the group’s streaming and matching products, constitute a gain of 61 percent regarding volumes from November 2017.‎

FXSpotStream saw a mild drop across its total trading volumes after the company reported $782 billion for the month, down 5 percent month-on-month from $824 billion back in October 2018.

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November 2018 saw a total of 22 trading days, compared to 23 days in the month prior.

A Client to Bank Platform

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 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 6 liquidity providers, but now ‎utilizes liquidity from a total of 13 leading global banks – 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.

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