Activity on FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, dropped in April as average daily trading volumes declined to their lowest levels in more than seven months.
During April 2019, FXSpotStream reported an average daily volume (ADV) of $31.9 billion. The number moved lower on a monthly basis by 15.4 percent from $37.7 billion back in March 2019, when volumes shot up to its second-best figure in 2019. This figure, however, reflects a year-on-year increase of 30 percent.
Meanwhile, FXSpotStream saw a notable drop across its total trading volumes in April 2019 after reported just $703 billion for the month, down 11 percent month-on-month from $792 billion back in March 2019.
The company’s trading facilities were open on 22 trading days, which is one day more than the prior month.
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Daily volumes in the currency market have been hurt in April by seasonal factors and the Easter holidays. Earlier today, the FX trading venue of Euronext has also reported trading volumes for April, which dropped by over 20 percent from March levels. Fastmatch reported a total of $352.5 billion that changed hands during last month compared to $441.8 billion in March.
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 six liquidity providers, but now utilizes liquidity from a total of twelve 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.