Activity on FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, rose slightly last month, but the total monthly volumes across its streaming and matching products dropped below the $900 billion mark. The company reported an average daily volume of $41.16 billion.
August’s ADV figure is higher on a monthly basis by 2 percent from $40.4 billion back in July 2020. Still, the industry benchmark declined by five percent from year-ago levels, when weighed against $43.24 billion in August 2019.
Following the slowdown in activity seen at FXSpotStream LLC in July, the institutional venue has reported that in August 2020, total trading volumes were down even further. The company reported $864 billion for the month, a fall of seven percent from $929 billion hit back in July.
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.
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FXSpotStream in a Hiring Spree
Earlier in August, the company bolstered its sales team globally with the addition of Hajime Tezuka to its sales force in Tokyo. Further, the company has revealed exclusively to Finance Magnates that it has also onboarded Rhys Bryan to its sales team in London.
Also in July, FXSpotStream LLC appointed Richard Kaltenbach as General Counsel, based in the company’s Jersey City offices, to provide support to FXSpotStream’s global businesses.
Mr. Kaltenbach brings more than 26 years of legal experience to FXSpotStream, having served most recently at law firm Gibbons in New York. The bulk of his financial career was spent at inter-broker dealer NEX Group plc, formerly known as ICAP plc. He served at the UK-based business, which is focused on electronic financial markets and post trade business, for over 15 years until it was acquired by CME Group in November 2018.
At NEX, Kaltenbach was initially hired as Associate Counsel in 2004, and subsequently, he was promoted to Senior Counsel, working his way up through several positions with the firm, culminating with the position of Global Head of Compliance in 2016.