FXSpotStream LLC, the aggregator service of LiquidityMatch LLC, built on its robust start to the year, setting another monthly volume record for February 2018, which added to January’s healthy performance, en route to fresh record highs in the group’s seven-year history.
FXSpotStream got off to a strong start as the financial markets started off the new calendar year in high gear, with a multitude of factors helping steer volumes across several venues.
During the month of February 2018, FXSpotStream reported an average daily volume (ADV) of $28.83 billion, which represented a jump of 9.5 percent month-on-month from $26.3 billion reported back in January 2018. Across a yearly interval, the ADV metric in February 2018 reflected an advance of 54 percent.
The figure is a new all-time high, besting the previous record set back last month.
Febraury 2018 saw a total of 20 trading days, compared to 22 days in the month prior. In terms of total volumes at FXSpotStream, February 2018 showed $576.7 billion, which was slightly lower month-on-month from $579.4 billion in January 2017.
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 buyside 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, UBS and State Street.
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.