FXSpotStream, a wholly owned subsidiary of LiquidityMatch LLC, today announced that bank to client production trading has commenced via its multibank Spot FX price aggregation service just seven months after the company was formed.
In addition, FXSpotStream has completed the build out of its sites ahead of schedule and the service is now available globally from FXSpotStream's hosted sites in New York, London and Tokyo.
FXSpotStream' s liquidity providers, which include BofA Merrill Lynch, Citi, Commerzbank AG, Goldman Sachs, HSBC and J.P. Morgan, are now all live on FXSpotStream.
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.
The majority of LiquidityMatch shareholders are also liquidity providing banks of FXSpotStream.
Alan F. Schwarz, CEO, stated: "The fact that FXSpotStream has delivered a fully functional, global service to clients 7 months after the company was formed is testament to the importance our shareholders and liquidity providers have placed on the long term success of our business. It is extremely gratifying that in such a short period of time we have taken the service live globally and are already supporting bank to client production trading. Our shareholders, liquidity providers and technology provider, SmartTrade Technologies, have all been laser focused on getting the service into production and our ability to execute on our original plan ahead of schedule positions us well to bring client driven solutions to the marketplace."
Liam Hudson, BofA Merrill Lynch's Managing Director and Global Head of FX Ecommerce Trading in London added "BofA Merrrill Lynch has been involved in FXSpotStream since its inception and the offering is perfectly timed to address the needs of our clients. We are seeing a need for the service out of all our regions and are impressed with what FXSpotStream has accomplished thus far."
"Early client feedback about FXSpotStream has been very positive," said Svante Hedin, Managing Director and Global Head of FX Ecommerce Trading at J.P. Morgan in London. "The appeal of FXSpotStream is that it offers fast and transparent price aggregation and a reduced cost of execution for both J.P. Morgan as a liquidity provider and for our clients."