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Credit Suisse Joins FXSpotStream®‘s Price Aggregation Service, Expanding Liquidity Providers to Ten Global Banks
CREDIT SUISSE BECOMES A LIQUIDITY PROVIDER TO FXSPOTSTREAM®’S PRICE AGGREGATION SERVICE, EXPANDING FXSPOTSTREAM®’S LIQUIDITY PROVIDERS TO TEN GLOBAL FX BANK
March 17, 2015, JERSEY CITY, N.J. – FXSpotStream® LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced that Credit Suisse has agreed to join the Service and provide liquidity to FXSpotStream®’s clients. The addition of Credit Suisse adds to the liquidity available from FXSpotStream®’s existing liquidity providers, which include BofA Merrill Lynch, BNP Paribas, Citi, Commerzbank AG, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and UBS.
Alan F. Schwarz, CEO, stated: “We are delighted that Credit Suisse is joining FXSpotStream® as the 10th liquidity provider. With the addition of Credit Suisse our mutual clients now have access to liquidity from nine of the top 12 global FX banks. FXSpotStream® continues to address the needs of the FX community as evidenced by our 310% year on year (2014 vs 2013) volume growth and an 83% increase in the number of clients added to the service compared to the same period last year. Our unique business model is leading the industry in offering a low cost, transparent venue while providing a high quality service to our clients and banks. We expect to have Credit Suisse live and available for trading next month. Additional liquidity providers are expected to join the Service later this year.”
“Credit Suisse is continually looking for new ways to service clients and, by joining FXSpotStream®, we are providing them with an additional point of access our FX liquidity’’ said John Estrada, Head of eFX Trading at Credit Suisse.
Steve Aldridge, Head of Macro eSales EMEA added: “For Credit Suisse, the aim is to engage with clients in an efficient and cost-effective manner, allowing us to focus on delivering an exceptional trading experience to clients.’’
“We are very pleased with FXSpotStream®’s growth since its launch over 3 years ago and welcome Credit Suisse to the Service,” stated Richard Anthony, Global Head of FX eRisk at HSBC. We continue to experience strong demand globally from our clients who wish to transact with us in a fully disclosed, bilateral, no commission fee basis. FXSpotStream®’s focus on reducing the costs is beneficial to the industry.”
FXSpotStream® provides a multibank FX aggregation service to clients to execute FX Spot, Forwards and Swaps and Spot Precious Metals trades. Banks connected to FXSpotStream® serve as Liquidity Providers to clients. FXSpotStream® functions as a market utility, providing the infrastructure to facilitate multibank trades from clients to Liquidity Providers. Clients access a GUI or single API from co-location sites in New York, London and Tokyo and have the potential to communicate with all Liquidity Providing banks connected to the FXSpotStream®. FXSpotStream® does not charge brokerage fees to clients or banks.
About Credit Suisse Group AG
Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 45,800 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Alan F. Schwarz, CEO
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