FXSportStream Shows Resilience with 2% Uptick in October Trading Volumes

Wednesday, 01/11/2023 | 20:12 GMT by Jared Kirui

The firm's spot ADV increased to $52 billion.

FXSportStream's total average daily volume reached $67.8 billion.

FXSpotStream Co-Founder Alan Schwarz to Say Goodbye after Over 11 Years — Alan Schwarz, FXSpotStream's Co-Founder and CEO.

In October, FXSportStream's total average daily volume (ADV) increased 2% month-on-month (MoM) to $67.8 billion. The company's spot ADV jumped 1.14% MoM to $52.8 billion, while the "Other ADV" category reached $15 billion.

In September, FXSportStream's spot ADV was $52.2 billion, and the "Other ADV" category stood at $14 billion. The total ADV for the month amounted to $66 billion. These figures highlighted the company's ability to maintain stability in the face of evolving market conditions.

FXSpotStream Records Mixed Performance

Amidst declining forex volumes, the New Jersey-based provider of multibank price streaming services reported a decrease in ADV for August, which fell to $60.8 billion. This occurred after two months of rising figures, mirroring the overall trend in the institutional forex market. Finance Magnates reported that August exhibited mixed results for FXSportStream's spot forex transactions among institutional investors, with a predominantly downward trajectory.

Regarding the total trading volume, FxSpotStream recorded $1.39 trillion in August, an uptick compared to July. However, it's essential to consider that August had more trading days, with investors having 23 days to place their orders, in contrast to 21 days in the previous month.

FxSpotStream's ADV Trends

The value of spot ADV experienced a drop from $52.5 billion in July to $48 billion in August. In the "Other ADV" category, there was a modest boost from $12.5 billion to $12.7 billion, but it wasn't sufficient to offset the declines in the spot market volumes.

In August, FXSpotStream announced that it was preparing for a change in leadership. Jeff Ward, the Global Head of Electronic Brokering Services at CME Group, is set to take the reins as the CEO in January. This transition happened after the company's Founder, Alan Schwarz, announced his departure earlier in the year.

LiquidityMatch, the parent company of FXSpotStream, confirmed that Ward will assume the role of CEO, with his tenure commencing on the first day of 2024. Meanwhile, Tom San Pietro, the Chief Technology Officer of FXSpotStream, will continue to oversee the company's operations until the end of the year.