FXSpotStream, the bank consortium owned FX and precious metals liquidity aggregation platform and front end interface has announced the addition of the latest bank to connect to the product. Becoming the twelfth liquidity provider, and the first from Japan, is Bank of Tokyo-Mitsubishi UFJ (BTMU). BTMU adds to the existing list of banks which include BofA Merrill Lynch, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered and UBS.
Partnering with FXSpotStream, BTMU cited strong client demand as Hirochika Iwadare, General Manger of Global Markets Trading Division at BTMU, stated: “We are extremely pleased to be live with FXSpotStream as client demand globally for us to provide liquidity over FXSpotStream has been strong. FXSpotStream has established itself as an important venue in the market. Its focus on delivering a cost effective means for us to transact with our clients in a fully disclosed, transparent manner makes it an important channel for us to participate in.”
Offered on a commission free model to liquidity takers, FXSpotStream was created as a cost-effective platform for buyside firms to tap pricing from banks using a multi-dealer aggregating platform. The platform 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. In contrast, FXSpotStream is a client to bank platform, with each liquidity taker required to create individual credit relationships with participating banks.
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Along with announcing the addition of BTMU, FXSpotStream also revealed that volumes for the first eleven months of 2015 have increased 25% compared to 2014 (specific volume figures remain undisclosed despite numerous requests in the past by Finance Magnates).
On the news, Alan F. Schwarz, CEO of FXSpotStream, stated: “Today we celebrate the four year anniversary of our business and are once again extremely gratified with what we have accomplished in 2015.”
“Including Bank of Tokyo-Mitsubishi UFJ, this year we added 3 new Liquidity Providers, launched a new GUI, opened a London office, upgraded and doubled the capacity of our infrastructure in each of our sites in New York, London and Tokyo, expanded the number of jurisdictions where the service is available and almost tripled the number of employees globally,” he added.