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Standard Chartered joins as a Liquidity Provider
FXSPOTSTREAM® ANNOUNCES THAT STANDARD CHARTERED HAS JOINED AS A LIQUIDITY PROVIDER OF FXSPOTSTREAM®’S PRICE AGGREGATION SERVICE, EXPANDING FXSPOTSTREAM®’S LIQUIDITY PROVIDERS TO ELEVEN GLOBAL FX BANKS
May 19, 2015 JERSEY CITY, N.J. – FXSpotStream LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced that Standard Chartered has joined as a new liquidity providing bank to FXSpotStream’s clients. Standard Chartered adds to the liquidity available from FXSpotStream’s existing liquidity providers, which include BofA Merrill Lynch, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and UBS.
Alan F. Schwarz, CEO, stated: “We have had a great start this year with double digit year on year Q1 client and volume growth. The addition of Standard Chartered following Credit Suisse’s joining in March continues our rapid expansion in all aspects of the business. Standard Chartered is already a client of FXSpotStream and we are gratified that they have chosen to broaden the relationship and join as the eleventh liquidity provider to FXSpotStream’s clients. Our relationship with Standard Chartered will serve FXSpotStream and its clients well as we continue to expand our client base and increase trading volumes in the Asia-Pacific region. On the product side, we are also seeing a healthy increase in FX swaps volume supported by the service since the launch of FX outrights and swaps late last year together with RFS functionality. We expect to take Standard Chartered live in early July.”
Chris Allington, Head of FX at Standard Chartered said: “We have been very satisfied as a client of FXSpotStream since the early days of the service going live, so it was natural for us to expand the relationship and join as a liquidity provider. FXSpotStream’s no brokerage fee model offers us a less expensive, more efficient way to transact directly with our clients with the same flexibility we have over our direct connection. We look forward to offering our clients an alternative means to transact with Standard Chartered.”
Mark Webster, Head of FX Sales at Standard Chartered added: “FXSpotStream’s unique model will enable Standard Chartered to transact more volume with our clients at a lower cost. We are delighted at the opportunity to expand the business relationship and join as a liquidity provider. We look forward to growing the partnership with FXSpotStream as we continue to deliver better pricing and service to our clients.”
Alex Maillard, Global Head of FXPM, Rates & Credit e-Distribution, UBS stated “We are extremely pleased with FXSpotStream’s growth and welcome Standard Chartered as the 11th liquidity provider to join the service. The near doubling of the number of liquidity providers in just over 3 years after the service went live confirms that market participants need a new, more efficient, less expensive way to transact with clients bilaterally. FXSpotStream continues to exceed our expectations with its impressive liquidity provider, volume, client and product expansion.”
Paul Scott, Global Head of e-risk and Spot FX at Commerzbank, added “Commerzbank has been involved in and supported FXSpotStream since its formation in late 2011. We are delighted to see another market participant join the service. This addition further enhances liquidity provider diversification for clients using FXSpotStream to transact with multiple banks over a single connection. Commerzbank is pleased to be part of a utility that is leading the industry in delivering a unique, no brokerage fee solution that today supports pricing of FX spot, forwards and swaps and spot Precious metals on an RFS and streaming basis.”
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 Standard Chartered
We are a leading international banking group, with more than 90,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more information please visit www.sc.com. Hear from Standard Chartered’s experts and comment on our blog at ourviews.sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
Alan F. Schwarz, CEO
tel: +1 201 217 8075