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February 01, 2024 - Bank-owned market utility for SpotFX, NDFs and Swaps liquidity, FXSpotStream have reported impressive numbers for January 2024, showing a record Average Daily Volume (ADV) for the month.
January SpotFX ADV came in at $54.737 billion, while total ADV across other products (NDFs and Swaps) was reported at $73.645 billion. January's Spot FX ADV showed and increase of 11.23% and total ADV Month on Month showed an increase of 13.64%. These numbers are a good start for Jeff Ward who kicked off his now official role as CEO of FXSpotStream last month, after the departure of Founder Alan Schwartz earlier in 2023. Schwartz ran the business for 11 years from inception.
Jeff Ward, CEO, FXSpotStream
More impressive are the Year-on-Year performance numbers (January 2023 compared to January 2024), showing an increase of 21.59% while the ‘Other’ category (NDFs and Swaps that FXSpotStream do not disclose individually) rose year-on-year by 73.35%.
It is worth noting that in January 2023, the numbers reported for that month were up 14.1% year-on-year compared to January 2022.
Tom San Pietro, CTO, FXSpotStream
Commenting on the record volume figures released today, Tom San Pietro, FXSpotStream's CTO, said," In 2023 we made the decision to focus on our core franchise and the roll out of our new tech stack for market data distribution. This resulted in increased wallet share from existing clients and meaningful new client acquisition. The FSS team saw the momentum in our business building toward the end of last year and could not be more pleased that this total team effort has culminated in a record month to kick off 2024".
During 2022 FXSpotStream made over 70 different Algos and 200+ Algo parameters from FXSpotStream supported multiple LP available via a normalised API and the FXSpotStream GUI. Building on this, In the past few months, FXSpotStream have added more Liquidity Providers to its service, with the addition of NatWest in October 2023 and Wells Fargo last month, bringing the total number of bank LPs via one sinlge API to a total of 16.
Click here to see FXSpotStream's SpotFX ADV historically on LiquidityFinder.
