FXSpotStream Adds Barclays as Liquidity Provider
FXSPOTSTREAM ADDS BARCLAYS AS THE 14th LIQUIDITY PROVIDER AS FXSPOTSTREAM BUILDS ON A 21% YEAR ON YEAR VOLUME INCREASE IN 2019 TOPPING USD9.4 TRILLION
February 25, 2020 – JERSEY CITY, N.J. – FXSpotStream LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced that Barclays has joined the Service as a liquidity providing bank to FXSpotStream’s price streaming service. Barclays is the 14th bank available to clients connected to FXSpotStream’s Service. The addition of Barclays adds to the liquidity available from FXSpotStream’s existing liquidity providers, which include BofA Merrill Lynch, MUFG Bank, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered, State Street and UBS.
Alan F. Schwarz, FXSpotStream CEO, stated: “We are delighted to have Barclays join the existing liquidity providing banks currently on our Service. The addition of Barclays continues to address demands from our global client base looking to add to their liquidity sources. We expect to have Barclays live globally in Q2.
After recently crossing the 8th year mark in operations, we continue to experience rapid growth on all fronts. The volume supported by the Service has grown every year since the Service was launched. Last year we supported the most volume in any year since the launch of the Service at USD9.356 trillion, which represented a 21% increase when compared to 2018. The 21% increase in volume in 2019 follows an increase of 53% the year before (2018 versus 2017). Last year in August we also broke three new volume records hitting an all-time ADV high of USD43.247 billion; a daily high of USD58.814 billion; and a monthly volume high of USD951.432 billion.
At the same time, the number of clients using the Service and the volume supported by and use of our broad product offering continues to grow. In 2019 our global client base expanded on a year on year basis with the number of signed clients increasing 44%. Volume last year in all our products grew double digits. Volume in NDFs and Forwards in particular grew well over 100%. In addition, user adoption of our web-based analytics suite grew by 33% when compared to the previous year, growing from 450 to 600 users.”
Mauricio Sada-Paz, Global Head of eFICC Product & Distribution, said “We are extremely pleased to join FXSpotStream as their latest liquidity providing bank. As we continue to grow our eFX offering, partnering with FXSpotStream will allow us to deliver better pricing and liquidity to our clients and provide an exceptional trading experience.”
“We have a global eFX client base that matches well with FXSpotStream’s global footprint,” commented Alex Shterenberg, Global Head of G10 and EM EFX Trading at Barclays. “Joining FXSpotStream ensures that we can support and grow our eFX franchise by leveraging their global network from colocation sites in NY, London and Tokyo.”
FXSpotStream is a bank owned consortium founded in 2011 and operates as a market utility. FXSpotStream provides multibank FX streaming, RFS and matching services supporting trading in FX Spot, Forwards, Swaps, NDF/NDS and Precious Metals Spot and Swaps. Banks connected to FXSpotStream serve as Liquidity Providers to clients. Clients can access a GUI or single API from co-location sites in New York, London and Tokyo and have the ability to communicate with all Liquidity Providing banks connected to FXSpotStream. FXSpotStream has revolutionized the FX trading platform landscape by eliminating the cost of execution for price takers and allowing price makers the ability to pay a flat fee for all executed transactions. We are the only venue on the market today with this unique commercial model.
Algorithms have become more prevalent in the spot FX market.
Global Foreign Exchange Committee has made recommendations on Last Look.
There is a growing demand for transparency in FX trading by regulators.
CLS has also enhanced its existing suite of alternative FX data products.
FX Global Code sets out good practice for last look and provides illustrative examples.