The volume surged 10%, hitting a record $73.6 billion.
It was a continuation of the solid end to 2023.
The start of the new year saw a significant rebound in spot foreign exchange
trading volumes reported by FXSpotStream. According to data for January 2024,
the total average daily volume (ADV) increased 10% both month-on-month and
year-on-year, reaching $73.6 billion.
FXSpotStream Volumes Rise
in January
The number
of trading days in January was one more than in December for the FX electronic
liquidity distribution provider, totaling 22 days. As a result, the total
monthly volumes rose to $1,619 billion last month.
Looking at
the spot market data, the ADV reached $57.7 billion in January, improving 10% compared to December, when this figure was $49.2 billion. The year-on-year
change was very similar, at 9%, compared to $49.7 billion reported for spot ADV
in the same period a year earlier.
Notably,
the spot ADV and total ADV values reported by FXSpotStream are the highest
since at least 2019. FXSpotStream does not provide data for earlier years on
its website.
The high
January performance aligns with the strong results achieved throughout 2023,
especially towards the end. As Finance Magnates reported, FXSpotStream reported
a total ADV of $70 billion in November.
FXSpotStream's New
Liquidity Pool and New CEO
Last month,
the company announced that Wells Fargo has joined as the 16th liquidity
provider on its foreign exchange price streaming service. This is the first new
liquidity provider added since NatWest joined over a year ago in 2023. Prior to
NatWest, no new entities had joined FXSpotStream's liquidity pool since 2020.
FXSpotStream's
Chief Technology Officer, Tom San Pietro, stated that the addition of Wells
Fargo demonstrates the high interest from banks to join as liquidity providers.
He said that FXSpotStream's growth, client service, performance and reliability
have made it an appealing platform.
Following
Schwarz's departure, San Pietro temporarily filled the CEO role until Ward's
official appointment, which was confirmed via a LinkedIn post. The transition
comes as FXSpotStream, an electronic FX liquidity distribution provider, looks
to continue expanding its liquidity pool and client base under new permanent
leadership.
The start of the new year saw a significant rebound in spot foreign exchange
trading volumes reported by FXSpotStream. According to data for January 2024,
the total average daily volume (ADV) increased 10% both month-on-month and
year-on-year, reaching $73.6 billion.
FXSpotStream Volumes Rise
in January
The number
of trading days in January was one more than in December for the FX electronic
liquidity distribution provider, totaling 22 days. As a result, the total
monthly volumes rose to $1,619 billion last month.
Looking at
the spot market data, the ADV reached $57.7 billion in January, improving 10% compared to December, when this figure was $49.2 billion. The year-on-year
change was very similar, at 9%, compared to $49.7 billion reported for spot ADV
in the same period a year earlier.
Notably,
the spot ADV and total ADV values reported by FXSpotStream are the highest
since at least 2019. FXSpotStream does not provide data for earlier years on
its website.
The high
January performance aligns with the strong results achieved throughout 2023,
especially towards the end. As Finance Magnates reported, FXSpotStream reported
a total ADV of $70 billion in November.
FXSpotStream's New
Liquidity Pool and New CEO
Last month,
the company announced that Wells Fargo has joined as the 16th liquidity
provider on its foreign exchange price streaming service. This is the first new
liquidity provider added since NatWest joined over a year ago in 2023. Prior to
NatWest, no new entities had joined FXSpotStream's liquidity pool since 2020.
FXSpotStream's
Chief Technology Officer, Tom San Pietro, stated that the addition of Wells
Fargo demonstrates the high interest from banks to join as liquidity providers.
He said that FXSpotStream's growth, client service, performance and reliability
have made it an appealing platform.
Following
Schwarz's departure, San Pietro temporarily filled the CEO role until Ward's
official appointment, which was confirmed via a LinkedIn post. The transition
comes as FXSpotStream, an electronic FX liquidity distribution provider, looks
to continue expanding its liquidity pool and client base under new permanent
leadership.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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FMAS:24 | Sneak Peak
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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#fmas #fmas24 #fmevents #networking #finance #africa