FXSpotStream, a crucial player in the FX electronic liquidity distribution, presented its volumes report for February 2024 to the market, where there is evidence of high trading activities amidst people in the market being more cautious. Such a pattern points to the adaptive nature of FX markets in a crisis zone.
FXSpotStream’s February Volumes Are Here
In February, the spot transactions ADV for the average daily volume was $51.8 billion. Moreover, an additional $20.5 billion of other FX products were traded. As a result, not only spot transactions but also other currency exchange transactions conducted on that day totaled 72.3 billion. The fact that the turnover for April was $1.1 billion less than January’s $73.6 billion overall daily average is illustrative of a slight decrease in market engagement despite the global uncertainties.
In February, FXSpotStream subtotaled 21 days of broker matching vs 22 trades in January. Notwithstanding five banking days, the market participants continued to become active, collectively contributing to high trading activities.
Looking into leadership change and Horizon integration
Jeff Ward had management responsibility for FXSpotStream since Jan first 2024, then president (CEO), when Alan Schwarz, the founder of the company, resigned last year. The Chief Technology Officer, Tom San Pietro, was acting CEO for a while after the departure of Schwarz until Sidney Ward assumed the permanent role of CEO.
Yet, they linked the data analytics platform, the FXSpotStream Horizon, to the operations of FXSpotStream for precise trading accuracy and analysis execution. This sector allows the FXSpotStream liquidity management team to enhance online auctions with their banks by supplying customers with engaging information to help them improve trading and get closer to liquidity providers.
Former Head of Sales at FXSpotStream Antony Brocksom said that to carry on as a leader in the Middle and Eastern European markets, the improvement of the services and client experience that are offered will remain key goals. Clients will be provided with an opportunity to explore financial strategies more intelligently through the inclusion of FairXchange’s Horizon platform in their decision-making process.
About FXSpotStream
In 2011, the firm, originally set up by several banks as a consortium, has since then expanded its service offerings to cover the institutional FX spot & derivatives markets. The platform is currently focused on FX algorithms and allocations of resources through its API, which expands the products rapidly.