UBS has deployed FXSpotStream’s price aggregation service from FXSpotStream’s sites in New York, London and Tokyo and commenced client trading through it.
According to FXSpotStream, UBS adds to the liquidity available from FXSpotStream’s existing liquidity providers, which include BofA Merrill Lynch, Citi, Commerzbank AG, Goldman Sachs, HSBC, JP Morgan and Morgan Stanley.
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The majority of LiquidityMatch shareholders are also liquidity providing banks of FXSpotStream.
FXSpotStream provides a multibank FX aggregation service to clients for the purpose of executing Spot FX trades. Banks connected to FXSpotStream serve as liquidity providers to clients. FXSpotStream functions as a market utility, providing the infrastructure that facilitates the multibank API and associated routing mechanism to route trades from clients to liquidity providers.
Clients access a 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 solution. FXSpotStream does not charge brokerage fees to clients or liquidity banks.
Chris Purves, managing director and global head of FX E-Trading at UBS, said, "Not only are we live globally streaming prices but client trading via FXSpotStream has already started. The FXSpotStream service has been well received by our client base and we look forward to realising the cost savings that will allow us to improve the pricing we ultimately show on to our clients."
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By GlobalDataAlan F. Schwarz, CEO of FXSpotStream, said, "FXSpotStream has deployed a resilient global infrastructure and solution that allows us to on board liquidity providers and clients rapidly and in a very efficient manner. As a result, and with the technology supported by smartTrade Technologies, we were able to take UBS live globally less than two months after UBS signed up to become a liquidity provider to FXSpotStream’s clients and client trading over the service with UBS is underway.
"Since we launched in late 2011 we have remained focused on growing the number of liquidity providers and clients on FXSpotStream and enhancing the offering by adding client driven functionality, which will include a GUI planned to be in production later this quarter."
