Barclays has become the 14th bank available to clients connected to FXSpotStream’s price streaming service. The bank joins existing liquidity providers, BofA Merrill Lynch, MUFG Bank, BNP Paribas, Citi, Commerzbank, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Standard Chartered, State Street and UBS.
“We are delighted to have Barclays join the existing liquidity providing banks currently on our service,” says Alan Schwarz, CEO of FXSpotStream. “The addition of Barclays continues to address demands from our global client base looking to add to their liquidity sources. We expect to have Barclays live globally in Q2.”
Although volumes flattened out on a year-on-year basis over the past four months, Schwarz is confident the service will continue to expand. Pointing to the “rapid growth on all fronts”, including the 21% increase in full year volumes in 2019, he observes that a pipeline of new developments means, “We have not reached anywhere near the level we can, especially as market structure change from anonymous to disclosed continues.”
Certainly there are grounds for Schwarz’ optimism, the 21% increase in volume in 2019 followed an increase of 53% the year before and in August 2019 FXSpotStream also broke three new volume records hitting an all-time ADV high of $43.25 billion; a daily high of $58.81 billion; and a monthly volume high of $951.43 billion.
“At the same time, the number of clients using the service and the volume supported by and use of our broad product offering continues to grow,” he adds. “In 2019 our global client base expanded on a year on year basis with the number of signed clients increasing 44%. Volume last year in all our products grew double digits. Volume in NDFs and forwards in particular grew well over 100%. In addition, user adoption of our web-based analytics suite grew by 33% when compared to the previous year, growing from 450 to 600 users.”
Mauricio Sada-Paz, global head of e-FICC product & distribution at Barclays, says, “As we continue to grow our eFX offering, partnering with FXSpotStream will allow us to deliver better pricing and liquidity to our clients and provide an exceptional trading experience.”
Meanwile, Alex Shterenberg, global head of G10 and EM e-FX Trading at Barclays, adds, “We have a global e-FX client base that matches well with FXSpotStream’s global footprint. Joining FXSpotStream ensures that we can support and grow our e-FX franchise by leveraging their global network from co-location sites in NY, London and Tokyo.”