FXSpotStream Sees April 2017 Trading Volumes Tick Lower
The uptick in March volumes at FXSpotStream was short lived, with April's metrics reversing last month's improvement.
FXSpotStream LLC, the aggregator service of LiquidityMatch LLC, today announced its latest volumes for the month ending April 2017, which took a step back, ultimately paring the last month’s gain, according to a FXSpotStream LLC statement.
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During the month of April 2017, FXSpotStream reported an average daily volume (ADV) of $17.11 billion, which represented a move lower over a yearly timeframe, as volumes incurred a fall of -4.8 percent year-on-year from $17.97 billion back in April 2016. In addition, the latest figures, which encompass all of the group’s streaming and matching products, constitute a decline of -8.9 percent in terms of volumes from March 2017.
Indeed, April’s volumes are a ways off from the company’s peak for this year which was recorded at $18.9 billion back in January 2017, which reflects a full -10.5 percent loss.
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FXSpotStream also saw a sizable drop across its total trading volumes in April 2017 after reported just $342.3 billion for the month, down -20.7 percent month-on-month from $431.9 billion back in March 2017. However, the big difference shouldn’t come as a surprise since April 2017 saw a total of 20 trading days, compared with 23 in the month prior.
A client to bank platform
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 twelve 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, and UBS.
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.
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