FXSpotStream LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced that UBS has joined as a new liquidity providing bank to FXSpotStream’s clients. UBS adds to the liquidity available from FXSpotStream’s existing liquidity providers, which include BofA Merrill Lynch, Citi, Commerzbank AG, Goldman Sachs, HSBC, J.P. Morgan and Morgan Stanley. The majority of LiquidityMatch shareholders are also liquidity providing banks of FXSpotStream.
Alan F. Schwarz, CEO, stated: “We are very pleased to have UBS join as a liquidity provider to FXSpotStream’s clients. The growth in liquidity providing banks since our initial launch and the increasing number of clients accessing the service globally confirms the service’s value proposition. FXSpotStream’s service is unmatched in the market. With the addition of UBS we continue to execute on our strategic plan, which will soon include additional functionality and products for our clients to access. We expect to have UBS live and available for trading in late Q2 of this year.”
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FXSpotStream provides a multibank FX aggregation service to clients for the purpose of executing Spot FX trades. Banks connected to FXSpotStream serve as liquidity providers to clients. FXSpotStream functions as a market utility, providing the infrastructure that facilitates the multibank API and associated routing mechanism to route trades from clients to liquidity providers. Clients access a single API from co-location sites in New York, London and Tokyo and have the potential to communicate with all liquidity providing banks connected to the FXSpotStream solution. FXSpotStream does not charge brokerage fees to clients or liquidity banks.
Chris Purves, Managing Director and Global Head of FX E-Trading, added “We have been following the progress of FXSpotStream and have concluded that the offering solves a need our clients and UBS have. As a leading FX market participant we are eager to play a role in initiatives that bring efficiencies to the market and reduce the cost of execution for our clients and for UBS. Further, it is important for us that we preserve the transparent and bilateral trading relationship we have with our clients and FXSpotStream satisfies that requirement.”
“The decision by UBS to join the existing seven liquidity providing banks is further validation of the FXSpotStream service offering,” said Richard Anthony, Global Head FX eRisk, GFX at HSBC. “FXSpotStream has accomplished a great deal in a very short period of time and we look forward to playing a role in the continued expansion of the service to address our needs and those of our clients.”