FXSpotStream LLC announced on Wednesday that it has launched the much-anticipated support for FX Algos and Allocations over its API. The company is now expecting to onboard its first client for the new services by Q3 of 2021.
In January, the bank-owned consortium first announced its intentions to launch such functionalities by the end of the second quarter of the year, and it has delivered on its promises just in time.
“We are extremely excited to be live with our Algos and Allocations API offering,” said Alan F. Schwarz, FXSpotStream’s Co-Founder and CEO. “The team has done a tremendous job getting the offering live on schedule despite some challenging conditions related to the global pandemic.”
“The feedback since we announced the addition of support for FX Algos and Allocations has been resoundingly positive.”
As the company already explained earlier, the new services will add over 70 different Algos and more than 200 parameters offered by the liquidity providers that can be accessed by the FXSpotStream client base. The FX Allocations will allow its clients on a pre and post-trade basis to send and allocate orders from multiple accounts at the same time.
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The team is now working to add FX Algos and Allocations support over the GUI, and it is expecting to launch the extended services by the first quarter of next year.
“The addition of FX Algos and Allocations will be an invaluable tool for the Asset Management and Hedge Fund community as well as others that currently access our Service,” Schwarz added. Earlier, he told Finance Magnates that these services are a ‘natural extension’ to its existing offerings.
Launched in 2011, FXSpotStream is a bank-owned consortium and offers multibank FX streaming, RFS and matching services supporting institutional FX trading. It has reported record demand over several months with a spike in the trading volume.
Moreover, it prepared itself sufficiently before the launch of the new service and recently onboarded Ross Smith as a Legal Consultant.
“We came into this new product launch with a great deal of momentum from our core business. After another record year in 2020, the growth in our business has continued,” Schwarz said.