Societe Generale Joins FXSpotStream as the 15th Liquidity Provider
FXSPOTSTREAM ADDS SOCIETE GENERALE AS THE 15th LIQUIDITY PROVIDER AS FXSPOTSTREAM HITS NEW VOLUME HIGHS IN Q1
May 21, 2020 – JERSEY CITY, N.J. – FXSpotStream LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced that Societe Generale has joined as a liquidity providing bank to FXSpotStream’s price streaming Service. Societe Generale is the 15th bank available to clients connected to FXSpotStream’s Service and the 2nd new liquidity provider added this year. The addition of Societe Generale adds to the liquidity available from FXSpotStream’s existing liquidity providers, which include Barclays, BofA, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, MUFG, Standard Chartered, State Street and UBS.
Alan F. Schwarz, FXSpotStream CEO, stated: “After announcing the addition of Barclays last quarter, we continue the momentum and are pleased to welcome Societe Generale as the 15th liquidity provider on our Service. The addition of Societe Generale complements the liquidity our clients are able to access from the top global FX banks. We expect to have Societe Generale live globally before the end of Q2.
In addition to adding more banks to the Service, we continue to significantly grow the volumes supported by the Service. In Q1 we remained the fastest growing eFX channel, continuing the run of fastest growing service since January 2018. Q1 2020 ADV was USD49.121 billion, a 33% increase when compared to the same period in Q1 2019. This year in March we also set all new volume records. We recorded a new ADV high in March of USD62.4 billion, beating February’s prior ADV high of USD47.84 billion. For the first time since the Service was founded in 2011, we crossed the USD1 trillion mark in a single month, with March recording a new monthly volume high of USD1.372 trillion. We also set a new daily record on March 9th at USD89.6 billion.
Given the significant uptick in our March volumes, we were also pleased that the Service was up 100% of the time during an extremely volatile period. Order volume in March versus January increased 100%. Message updates per second during the same period increased 300%. When our clients and banks needed us the most, we were available 24/5 with no interruptions to the Service.
Our client growth and product offering also continues to expand. The number of clients that went live in Q1 2020 increased 19% when compared to Q1 2019. On the product side, the NDF and Forwards volume also continues to experience significant growth. After a 170% and 1100% increase, respectively, in 2019 versus the prior year, in Q1 of this year versus Q1 2019 our NDF volume increased 87% with our Forwards volume increasing 194%. Precious metals volume Q1 2020 versus Q1 2019 has also grown 176%.”
Alex DEWHURST, Global Head of FX Sales at Societe Generale said “Having witnessed FXSpotStream’s impressive growth over the years, we are delighted to be joining the Service as their latest liquidity provider. This will increase our global footprint and allow us to promote even further our expertise in Emerging Europe, Africa and Asia NDFs markets, by delivering a cost-effective transparent solution to our clients.”
FXSpotStream is a bank owned consortium founded in 2011 and operates as a market utility. 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. Clients can access a GUI or single API from co-location sites in New York, London and Tokyo and have the ability to communicate with all Liquidity Providing banks connected to FXSpotStream. FXSpotStream has revolutionized the FX trading landscape by eliminating the cost of execution for price takers and allowing price makers the ability to pay a flat fee for providing prices to their clients. We are the only venue on the market today with this unique commercial model.