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FXSpotStream to Feature Barclays FX Liquidity

LiquidityMatch’s aggregator service FXSpotStream announced today that it had added Barclays to its platform. The major institutional platform now features liquidity from 14 banks for its clients.

Multibank aggregation service

FXSpotStream provides FX aggregation service from multiple banks and directs it to spot forex trades. It operates as a consortium owned by banks and provides the necessary infrastructure that could facilitate trades from clients to the liquidity providers.

FXSpotStream CEO Alan F. Schwarz noted,

“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.”

A new milestone for the company

The forex aggregator now has 14 banks tied to its platform. Recently, it announced that it reached $37.03 billion in average daily volumes in January this year. This was a marked increase from $31.09 billion recorded in December 2019. However, this is still a 3.50% drop year-on-year. Even with the small dip at the beginning of 2020, the last year proved to be a milestone for the platform, with average daily volumes going up by 21% during the year.

The new Barclays e-FX franchise will enrich the platform’s capacities further. The existing panel of banks using the platform include Bank of America Merrill Lynch, JP Morgan, Standard Chartered, UB, State Street, Morgan Stanley, Goldman Sachs, HSBC, Credit Suisse, Commerzbank AG, Citi, BNP Paribas, and MUFG Bank.

According to Barclays’ global head of G10 and EM EFX Trading Alex Shterenberg, the company’s global footprint matches with that of FXSpotStream. Joining the platform will help them grow their Efx franchise further. They will be leveraging colocation sites in Tokyo, London, and New York. Note that FXSpotStream works as a cost-effective platform offering commission-free services to buy-side firms. It works like a multi-dealer aggregation platform and helps users tap prices from different banks.

The business started in 2011 with six liquidity providers and a spot FX API. However, it now uses multiple global banks to add liquidity to the platform. It also offers a client-to-bank platform which allows liquidity takes to create individual credit relationships with all banks connected to the platform.

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