January 28, 2021 – FXSpotStream (FSS) has announced today the upcoming addition of functionality to support FX Algos and Allocations over the FXSpotStream API. FSS clients will have access to over 70 different Algos and 200+ parameters offered by the FSS Liquidity Providers (LPs). FX Allocations will allow clients on a pre- and/or post-trade basis to send and allocate orders from multiple accounts at the same time. Support for FX Algos and Allocations is expected to be live in Q2 of 2021.
On a recent call with FXSpotStream, the company revealed that it has been working hard on these new developments over the past few months after raising capital from its owner banks, the first capital raise in the company's history. The capital raise indicates the support the banks on the network have for the project.
FXSpotStream has a mix of clients using the network to access the bank's liquidity including margin brokers, bank and non-bank traders, Hedge Funds and Asset Managers. The move to provide access to bank algos, coupled with pre- and post-trade allocations, should result in a deeper penetration into the Asset Management space and therefore enhance the company's growth trajectory.
Alan Schwartz, Co-Founder and CEO FXSpotStream
Alan F. Schwarz, FXSpotStream Co-Founder and CEO commented: “We are extremely excited to announce these significant enhancements to our current offering. Last year we raised capital from our founding banks to support this project and other initiatives we are progressing. We remain grateful for the support we have from our founding banks and all our LPs. We are committed to delivering more solutions that satisfy their needs and those of our mutual clients.
We continue to see tremendous growth in terms of volume, client acquisition and the addition of LPs since we formed the business over 9 years ago. Adding support for the FX Algos and the pre- and post-trade Allocation functionality supported by our LPs will contribute to the continued growth of our business. The addition of FX Algos and Allocations will be an invaluable tool for the Asset Management and Hedge Fund community as well as others that currently access our Service.
In all of 2020, FSS posted an ADV of USD42.648bn, an increase of 18.52% when compared to 2019 (USD38.983bn). For the first time since we launched the Service, we crossed the USD 11 Trillion mark in terms of volume supported. Year on Year our Spot volume was up 24.27%, with NDF volume up 98.69% and Forwards volume up 73.44%. The growth in our volumes coincided with an 19.64% growth in the number of clients connected to the Service.
Clients currently do not pay a fee of any kind to FSS to access the liquidity streamed over FSS by the 15 FSS LPs. Similarly, clients will not pay a fee to FSS to access any of the LP Algos or to access pre- and/or post-trade Allocations functionality available over the Service. Any fee an LP may charge for access to their Algos or Allocations functionality will be handled directly with the LP.”
FXSpotStream's Monthly ADV From January 2016 - January 2021
Tom San Pietro, FXSpotStream CTO added: “FSS will offer the industry’s first multibank Service FX Algo API. This is a rapidly growing area of the market and one which is of significant investment and focus for us and our LPs.
A great deal of work has taken place on our API to support the Algos of our LPs and the Allocation functionality. Our aim is always to make the interaction between our clients and LPs efficient, cost effective and transparent. The addition of Algos and Allocations achieves that objective.
Clients seeking to access the Algos of our LPs will not need to add any additional network infrastructure. Clients will connect in the same way as they do today - accessing a normalized API through a single FIX session that provides access to Algos offered by multiple providers.Work on making Algos and Allocations available over our GUI will follow and is targeted for later this year.”
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 with 15 banks currently on the network. These banks are:
• Bank of America
• BNP Paribas
• Commerzbank AG
• Credit Suisse
• Goldman Sachs
• J.P. Morgan
• Morgan Stanley
• Societe Generale
• Standard Chartered
• State Street
View FX Spotstream's historical volume growth, compared to the company's peers, on the LiquidityFinder Market Volumes page here.
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