FXSpotStream LLC announced this Thursday that Societe Generale has joined the company’s price aggregation service as a liquidity providing bank, bringing the total number of banks available for clients through the service to 15.
A wholly-owned subsidiary of LiquidityMatch LLC, FXSpotStream provides a multi-bank foreign exchange (forex) 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.
Following the partnership with Societe General, clients now have access to another liquidity provider, with the French bank joining the likes of BofA, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, MUFG, Standard Chartered, State Street and UBS.
Societe Generale is the second new liquidity provider added to FXSpotStream’s price streaming Service this year. As Finance Magnates reported, Barclays’ liquidity went live on the platform in February this year.
Commenting on the partnership, Alan F. Schwarz, FXSpotStream CEO, said in the statement: “After announcing the addition of Barclays last quarter, we continue the momentum and are pleased to welcome Societe Generale as the 15th liquidity provider on our Service.
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“The addition of Societe Generale complements the liquidity our clients are able to access from the top global FX banks. We expect to have Societe Generale live globally before the end of Q2.”
FXSpotStream volumes soar in Q1 2020
In the first quarter of 2020 FXSpotStream said that it continued to significantly grow the volumes supported by its price aggregation service, with the average daily volume for the quarter coming in at $49.121 billion. This is a 33 per cent increase when compared to the same period in Q1 2019.
Furthermore, in March 2020, for the first time since the service was founded in 2011, the company surpassed the $1 trillion mark in a single month, recording a new monthly volume high of $1.372 trillion.
“Having witnessed FXSpotStream’s impressive growth over the years, we are delighted to be joining the Service as their latest liquidity provider,” added Alex DEWHURST, Global Head of FX Sales at Societe Generale in the statement.
“This will increase our global footprint and allow us to promote even further our expertise in Emerging Europe, Africa and Asia NDFs markets, by delivering a cost-effective transparent solution to our clients.”