FXSpotStream has a new Chief Executive Officer (CEO) months after forex veteran Alan F. Schwarz, who founded the New Jersey-based company in 2011, announced the end of his leadership after more than a decade in the role. Today (Monday), LiquidityMatch, the parent company of FXSpotStream, unveiled Jeff Ward, the Global Head of Electronic Brokering Services (EBS) at CME Group, as the new “permanent” CEO of FXSpotStream and other subsidiaries.
Jeff Ward to Lead FXSpotStream Starting 2024
According to LiquidityMatch, Ward will start the role on January 1, 2024, taking over from Tom San Pietro, FXSpotStream’s Chief Technology Officer (CTO) who has been acting as the interim CEO. However, Pietro will continue to act in the role temporarily until the end of the year.
Ward joins FXSpotStream, which provides multibank forex aggregation services for forex spot trading, after nearly two decades at EBS, which was acquired by CME Group in 2018.
In a career spanning over 30 years, the top executive has previously worked for ABN AMRO Bank, a Dutch multinational banking and financial services company, and Citibank, the American subsidiary of banking giant, Citigroup.
“Following an extensive and rigorous search, the [LiquidityMatch] Board is highly confident that Jeff’s exceptional leadership skills, strategic insights and deep industry knowledge make him the ideal choice to drive the company’s continued growth, as well as strengthen its partnerships and build key new relationships,” Mark Meredith, LiquidityMatch’s Board Chair, remarked.
State of Institutional Spot FX Demand
The announcement of Ward’s appointment follows a month during which demand for spot foreign exchange among institutional investors decreased. FXSpotStream, Cboe FX and Euronext FX posted a month-over-month decline in their total volumes in July, Finance Magnates reported.
However, FXSpotStream’s European division recently saw an increase of 34% in its revenue and net income for 2022, showing that the company is poised for growth. In addition, the multibank forex aggregation services provider recently bolstered its executive team with the appointment of Jeremy Rose as the Senior Vice President and Head of Liquidity Management.
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