Societe Generale joins FXSpotStream as liquidity provider

LiquidityMatch LLC’s wholly owned subsidiary FXSpotStream LLC announced that Societe Generale has joined FXSpotStream’s price streaming Service as a liquidity provider.

Societe Generale is the 15th bank that provides liquidity for the FXSpotStream’s Service’s clients and second to join this year. The existing liquidity providers on the service include Barclays, BofA, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, MUFG, Standard Chartered, State Street and UBS.

Alan F. Schwarz, FXSpotStream CEO, said:

Alan F. Schwarz

Alan F. Schwarz

After announcing the addition of Barclays last quarter, we continue the momentum and are pleased to welcome Societe Generale as the 15th liquidity provider on our Service. The addition of Societe Generale complements the liquidity our clients are able to access from the top global FX banks. We expect to have Societe Generale live globally before the end of Q2.

FXSpotStream has also been growing the volumes supported by the service. The company reported significant growth in Q1 2020 with $49.121 billion ADV, 33% rise compared to the same period in 2019. In March the company set a new volume record with ADV reaching $62.4 billion in March, beating February’s prior ADV high of $47.84 billion. FXSpotStream crossed the $1 trillion mark in a single month, with March recording a new monthly volume high of $1.372 trillion and set a new daily record on 9 March $89.6 billion.

FXSpotStream forex volumes

FXSpotStream also reported that even through the extremely volatile period, the service was up with no interruptions. Order volumes increased twice in March compared to January and massage updates per second increased 300%.

The number of clients going live in first quarter of 2020 rose 19%, compared to Q1 2019. NDF and Forwards volume also experienced significant growth, registering a 170% and 1100% increase, respectively, in 2019 versus the prior year. The NDF volume rose 87% with Forwards volume increasing 194% for Q1 2020 compared to the same period in 2019. Precious metals volume grew by 176%.

Alex Dewhurst, Global Head of FX Sales at Societe Generale commented:

Having witnessed FXSpotStream’s impressive growth over the years, we are delighted to be joining the Service as their latest liquidity provider. This will increase our global footprint and allow us to promote even further our expertise in Emerging Europe, Africa and Asia NDFs markets, by delivering a cost-effective transparent solution to our clients.

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