High volatility in foreign exchange markets continues to drive strong demand for forex trading instruments. As a result, FXSpotStream, a provider of multibank FX aggregation services, has once again reported record volumes this year, reaching $96.8 billion in daily average volume.
Spot ADV Soars in August
Compared to July 2024, FXSpotStream's volumes grew by approximately 4% from just under $93 billion. However, when compared to the same period last year, the jump is over 60%.
While the average daily volume (ADV) in the “other” category remained practically unchanged and even slightly decreased compared to July, spot ADV grew for another consecutive month, reaching $73.2 billion. This growth contributed to the overall ADV increase, setting another record in FXSpotStream's history of volume data reporting.
Data from FXSpotStream confirms figures from other major trading hubs and collectively indicates that institutional investors in the currency market are riding the weak dollar wave following a highly volatile August, where the Japanese yen saw dominant increases.
In addition to the increase in volumes, the company recently reported a significant jump in revenue. The EMEA branch of the multibank FX aggregation services provider, FXSpotstream Europe Ltd, increased its revenue and operating profit by over 60%.
Volumes Align with Revenue Growth
The latest data from the UK's Companies House reveals that FXSpotstream Europe recorded a turnover of $3.5 million, marking a 40% increase from the previous year's $2.5 million. This achievement signifies yet another year of positive financial performance for the company.
Net profits after taxes saw a significant rise, climbing over 60% to reach $183,000 from $112,000. Additionally, the company's total assets grew to more than $790,000 by the end of 2023.
In a separate move to strengthen its leadership, FXSpotStream has appointed John Ashworth as the Independent Chair of its Board of Directors. Ashworth, the CEO of Caplin Systems, which specializes in trading technology, brings over thirty years of experience in the technology sector. His extensive background includes senior positions at prominent FX-focused organizations such as FENICS, GFI, Apama, and FXAll.
“As we continue to mature and expand as a business, there is a need to add senior leadership with a strong background in independent governance and technology, and John brings both of these to the table,” Jeff Ward, the CEO of FXSpotStream, commented.
