Societe Generale (SocGen) has gone live and is trading with clients via its price streaming service on FXSpotStream, which it joined as a liquidity provider in May.
SocGen is the 15th LP on the service, which also includes Bank of America, Barclays, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, MUFG, Standard Chartered, State Street and UBS.
Alan Schwarz, FXSpotStream’s CEO, comments: “Our focus when adding a new liquidity provider is to improve the ecosystem for our clients and ensure that we make available to clients liquidity in the areas needed. The addition of Societe Generale fulfils both of these criteria and complements the existing liquidity available to the clients using our service.
“There is a high level of excitement about FXSpotStream right now as our numbers continue to grow,” Schwarz continues. “June was another great month for us with an ADV of $43.287 billion. June saw a 19.9% increase month on month from May 2020 and we registered our third highest month ever.”
Additionally, Schwarz notes that 2020 has been a record-breaking year for FXSpotStream, with March bringing a new high in terms of monthly volume of $1.372 trillion, and a daily record on March 9th of $89.6 billion. The service is averaging an 18.66% increase in ADV per month (January 2020 through June 2020) versus the same time period in 2019.
Alex Dewhurst, global head of FX sales at SocGen, says: “FXSpotStream’s cost-effective, transparent solution, as well as its impressive growth, were key drivers for us in providing liquidity using their service. Their network is global, and it fits well with our global business, especially with our emerging market footprint. We are truly excited about what this means for us, our clients and prospective clients.”