After the US dollar reached two-year highs in November, institutional FX volumes saw significant growth. A perfect example of this is FXSpotStream, a provider of multibank FX aggregation services, which came close to achieving record results last month.
FXSpotStream Reports ADV Above $100B in November
The total average daily volume (ADV) in November reached $100.3 billion, showing a substantial recovery from October's $93.1 billion, which had tested the lowest levels since July. This figure was just shy of the record $101.9 billion reported in September.
In spot trading, November outperformed the previous best month ($72.3 billion vs $72 billion). The difference came from the “Other ADV” category, where November brought in $28 billion compared to September's $30 billion.
Year-over-year, the increase was substantial at over 43%. Notably, this growth aligns with improved ADV results reported by other major FX trading venues, including Euronext FX, 360T, Cboe, and Click 365, which all reported volume increases in October. Highlights include Cboe’s spot FX volumes crossing $1 trillion and Europe’s 360T seeing an uptick to $664 billion.
New Liquidity Provider
Australia’s ANZ Bank has recently partnered with FXSpotStream to strengthen its wholesale FX liquidity capabilities. This collaboration places ANZ among 17 global liquidity providers on the multibank FX aggregation platform, which includes major players like Bank of America, JP Morgan, and Barclays.
By joining FXSpotStream, ANZ aims to enhance its access to Asia-Pacific FX markets while contributing to the platform's mission of eliminating execution costs for liquidity providers’ price takers.
In related news, FXSpotStream Europe Ltd, the EMEA branch of the multibank FX aggregation service for spot foreign exchange trading, reported significant financial growth in 2023.
According to a report filed with the UK’s Companies House, the company achieved a turnover of $3.5 million, representing a 40% increase compared to $2.5 million in the previous year. Net profit saw even greater gains, rising by over 60%. This marks another consecutive year of positive growth for the platform, which continues to expand its reach and operational efficiency in global FX markets.
