FXSpotStream LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced that Morgan Stanley is now live as a liquidity provider of FXSpotStream’s price aggregation service from FXSpotStream’s sites in New York and London. Morgan Stanley is now the 7th bank available to clients connected to FXSpotStream’s service. In addition to Morgan Stanley, FXSpotStream’s liquidity providers include BofA Merrill Lynch, Citi, Commerzbank AG, Goldman Sachs, HSBC and J.P. Morgan all of which are live globally.
FXSpotStream provides a multibank FX aggregation service to clients for the purpose of executing Spot FX trades. The offering functions as a market utility, supplying the infrastructure that facilitates the multibank API and associated routing mechanism to route trades from clients to liquidity providing banks. Clients access a single API from co-location sites in New York, London and Tokyo and have the potential to communicate with all banks connected to the FXSpotStream solution. FXSpotStream does not charge brokerage fees to clients or banks.
The majority of LiquidityMatch shareholders are also liquidity providing banks of FXSpotStream.
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Alan F. Schwarz, CEO, stated: “We continue to execute our business plan and meet our strategic time lines. Morgan Stanley is live from our sites in New York and London just over two months after we signed Morgan Stanley as a liquidity provider on FXSpotStream. We have been supporting bank to client production trading globally since July of last year with our initial set of banks and are pleased to add Morgan Stanley to the list of liquidity providers available to our clients. We expect to have Morgan Stanley live from our site in Tokyo in Q1 of this year. We also expect to be adding liquidity providers to the service in the coming year.”
Harry Moumdjian, Executive Director at Morgan Stanley in New York, added: “FXSpotStream is delivering on our expectations and we look forward to utilizing the service to trade with clients. The economies of scale gained by using FXSpotStream will benefit our clients and Morgan Stanley.”
“FXSpotStream’s timely and seamless on boarding of Morgan Stanley is another example of the execution we have seen from FXSpotStream since our involvement with the service,” said Paul Scott, Global Head of eFX Trading at Commerzbank AG. “In addition to providing a service that allows Commerzbank AG to deal directly with clients in a more efficient and transparent manner, the reliability of the service and the experience for us and our clients is important. FXSpotStream continues to meet our requirements and we expect the volume transacted via FXSpotStream and the clients using the service to continue to grow in the coming year.”