Volumes on FXSpotStream grew at the fastest rate of all reporting eFX cash venues during the first half of 2018.
Alan F Schwarz, CEO of FXSpotStream, says: “Our Average Daily Volume (ADV) was up 49 per cent in the first six months of 2018 versus the same period in 2017. During the first half of 2018 we supported a total of USD3.56 trillion reflecting an increase in overall volume of USD1.15 trillion when compared to the first half of 2017.
“In June we also crossed the USD30 billion ADV mark for the first time hitting an ADV high of USD30.4 billion. Our ADV in June was up 8.2 per cent month-on-month and 49.5 per cent year-on-year – the largest percentage increase of any cash venue reporting volumes.
“Our model has remained simple, clear and compelling – providing a transparent, fully disclosed service at no cost to our liquidity consumers while charging our liquidity providers a flat quarterly fee irrespective of volume transacted. As a result, since we formed the company in 2011 we have grown the business on all fronts by adding liquidity providers, increasing products supported, enhancing functionality and adding staff to provide the highest level of support in the industry.”
“We started in 2011 with six banks and today we have 13 liquidity providers, which include BofA Merrill Lynch, BTMU, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Standard Chartered, State Street and UBS. Clients can connect globally across 3 sites in New York, London and Tokyo and trade FX spot, swaps, forwards, NDFs/NDS and Precious Metals spot and swaps via one API connection or on a single front end. We have a full support and commercial staff in our offices in New Jersey, London and Tokyo operating a 24/5 service.”
