FXSpotStream LLC, the aggregator service of LiquidityMatch LLC, has just released its trading volumes for May 2018, having managed to recover from the weak momentum seen last month due to a more volatile market trading atmosphere.
FXSpotStream got off to a strong spring as political turbulence in the UK, Fed’s policy updates and the United States clashed again with China on trade and security, have increased activity on foreign exchanges, helping steer volumes across several venues.
During May 2019, FXSpotStream reported an average daily volume (ADV) of $34.8 billion, which represented a jump of 9.14 percent month-on-month from $31.9 billion reported back in April 2019. Across a yearly interval, the ADV metric in May 2019 reflected an advance of 24.3 percent from $28.06 billion the previous year.
May 2019 saw a total of 23 trading days, compared to 22 days in the month prior. In terms of total volumes at FXSpotStream, May 2019 showed $802.27 billion, which was higher by 14 percent month-on-month from $703 billion in April.
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According to its statement, FXSpotStream recorded on May 31 its second-highest daily volume ever at $50.825 billion, besting the previous record set on January 3 at $51.799 billion when the Japanese yen crashed.
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 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.