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Bank-owned market utility for SpotFX, NDFs and Swaps liquidity, FXSpotStream LLC, reported that it crossed the $2 trillion mark in overall volume supported for the first time in its history. This achievement was accompanied by record-breaking Average Daily Volumes (ADV) in Spot, Other, and Total categories. The firm recorded a total average daily volume (ADV) of $91.877 billion for the month, reflecting increases across all categories. This builds upon the previously reported record month set in March 2024, with the network's total ADV in March recording $82.577 billion, an increase of 14.17% on February.
In April, FXSpotStream's Total ADV increased by 11.26% compared to March 2024, and by a remarkable 66.13% year-over-year. The Spot ADV saw a 13.69% increase month-on-month and a 48.97% increase year-over-year, reaching USD 66.147 billion. The Other ADV category also experienced growth, with a 5.48% increase month-on-month and an impressive 136.01% increase year-over-year, reaching USD 25.730 billion. These figures are based on 22 trading days in April.
This news follows FXSpotStream's previous record-breaking performance in March 2024, where the network's total ADV hit $82.577 billion, a 14.17% increase from February. The Spot FX ADV in March was reported at $58.184 billion, the second-highest monthly ADV on record, following the $59.192 billion achieved in September 2022.
The strong performance in April is another piece of good news for Jeff Ward, who took on the role of CEO at FXSpotStream at the beginning of 2024, succeeding founder Alan Schwartz. Under Ward's leadership, FXSpotStream has continued to expand its offerings and partnerships. In 2022, the company made over 70 different Algos and 200+ Algo parameters available via a normalised API and GUI. Recently, FXSpotStream added NatWest in October 2023 and Wells Fargo in March 2024 as Liquidity Providers, bringing the total number of bank LPs accessible through a single API to 16.
