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FXSpotStream concluded 2024 with a total average daily volume (ADV) of $92.063 billion in December, representing a 42.06% increase compared to December 2023, despite a seasonal 8.23% decrease from November. The year-end figures consisted of a Spot ADV of $62.225 billion and $29.838 billion across other products, capping off a transformative year for the bank owned multibank FX streaming and RFS service.
Jeff Ward, CEO, FXSpotStream
The strong December performance wrapped up a milestone year for the company under the leadership of CEO Jeff Ward, who completed his first full year at the helm after taking over from interim CEO Tom San Pietro on January 1, 2024. Under Ward's leadership, the company achieved an annual average daily volume of $89.857 billion in 2024, representing a 42.16% increase compared to 2023.
John Ashworth, Chair, LiquidityMatch LLC
A significant corporate governance milestone was reached in June 2024 with the appointment of John Ashworth as Independent Chair of LiquidityMatch LLC's Board of Directors. Ashworth, who brings over three decades of technology industry experience and currently serves as CEO of Caplin Systems, joined as the company was approaching the milestone of $100 trillion in supported client volumes since inception.
The year was marked by multiple volume records, with January starting strong at an ADV of $73.645 billion. April saw FXSpotStream cross the $2 trillion mark in monthly volume for the first time, establishing new records across all categories with a total ADV of $91.877 billion. The growth continued through summer, with June recording the fourth ADV record of the year at $94.841 billion, followed by August's new high of $96.796 billion. November achieved another significant milestone as FXSpotStream surpassed the $100 billion barrier for the first time, recording an ADV of $100.317 billion.
The platform significantly expanded its liquidity provider network throughout 2024. Following the additions of NatWest in October 2023 and Wells Fargo in March 2024, ANZ joined in September 2024 as the first Australian bank on the platform, followed by Deutsche Bank in November, bringing the total number of liquidity providers to 18 by year-end.
A notable trend throughout 2024 was the substantial growth in non-spot products. While spot ADV grew by 29.44% year-over-year, other products saw a remarkable 90.17% increase, demonstrating the platform's successful diversification beyond traditional spot trading. This growth builds upon the company's 2022 initiative that made over 70 different Algos and 200+ Algo parameters available via a normalised API and GUI.
FXSpotStream was founded in 2011 by Alan Schwarz and launched with 6 Liquidity Providing banks: Bank of America Merrill Lynch, Citi, Commerzbank, Goldman Sachs, HSBC, and JPMorgan. The network now has 18 Liquidity Providing Banks and says it is the only venue on the market today with the unique commercial model of no cost of execution for price takers.
