Volatility in financial and foreign exchange (FX) markets persisted last month as the dollar fell to fourteen-month lows. This helped FXSpotStream, a provider of multibank FX aggregation services, achieve record volumes for the third consecutive month, reaching an average daily volume (ADV) above $100 billion for the first time in history.
FXSpotStream Reports Record ADV in September 2024
The total ADV last month was $101.9 billion, growing 5% from $96.8 billion reported in August. FXSpotStream is currently riding a wave of growth, though the ADV indicator benefited from fewer trading days. September had 21, while August had 22, and July had 23.
The spot ADV indicator saw a modest decline, landing at $72 billion compared to the $73.2 billion reported a month ago. However, the “other ADV” category grew by over $6 billion to nearly $30 billion, which significantly boosted the total values and allowed reaching an all-time high (ATH).
The jump in ADV at FXSpotStream compared to September 2023 results was 55%. Year-over-year, other popular FX trading venues, including Euronext FX, 360T, Cboe, and Click 365, also saw growth.
Month-to-month, however, the situation wasn't as favorable, and their ADVs declined more noticeably. For Japan's Click 365, it was over 33% to 1.9 million contracts.
Financial Data and New Independent Board Chairman
Returning to FXSpotStream, the company's European branch reported financial results a month ago, showing a net profit increase of over 60% to $183,000. According to the latest report published in the UK's Companies House, FXSpotStream Europe achieved a turnover of $3.5 million, increasing its revenue by 40% from $2.5 million recorded in the previous year. It's worth noting that this is another consecutive year where the company's main financial indicators showed positive changes.
In June, FXSpotStream appointed John Ashworth as the independent chairman of the board of directors. Ashworth, currently the CEO of Caplin Systems, a trading software provider, has over 30 years of experience in the technology industry. He previously held leadership positions in well-known companies in the foreign exchange market, such as FENICS, GFI, Apama, and FXAll.
“As we continue to mature and expand as a business, there is a need to add senior leadership with a strong background in independent governance and technology, and John brings both of these to the table,” Jeff Ward, the CEO of FXSpotStream, commented.
