FXSpotStream LLC, a subsidiary of LiquidityMatch LLC, announced that Wells Fargo has joined as the 16th liquidity provider on its foreign exchange price streaming service. Wells Fargo is the next company after NatWest to join the service over the past year. It is worth emphasizing that no new entities have joined the company's liquidity pool since 2020.
Wells Fargo Joins FXSpotStream as 16th Liquidity Provider
FXSpotStream provides a liquidity pool to clients through a disclosed, relationship-based trading platform for foreign exchange and precious metals. It allows client access through a graphical user interface or application programming interface.
The company's Chief Technology Officer, Tom San Pietro, stated that the addition of Wells Fargo shows the high level of interest from banks to join as liquidity providers. He said FXSpotStream's growth, client service, performance and reliability have made it an appealing platform.
"We are extremely excited to be working with Wells Fargo and adding another high-quality liquidity provider that had been requested by our client base," San Pietro added.
Wells Fargo is now live, providing liquidity to multiple FXSpotStream clients. The bank joins 15 other major financial institutions, including Bank of America, Barclays, BNP Paribas, Citi, Commerzbank, Goldman Sachs, HSBC, J.P.Morgan, Morgan Stanley, MUFG, NatWest, Standard Chartered, State Street, Societe Generale and UBS.
The company operates trading sites in New York, London and Tokyo. It aims to eliminate execution costs for price takers while enabling price makers to access clients for a flat fee.
FxSpotStream's New CEO
At the beginning of this year, Jeff Ward, the Global Head of Electronic Brokering Services at CME Group, was appointed as the new CEO of FXSpotStream. According to his LinkedIn profile, Ward started his professional career in 1993 at Citibank.
This decision was first officially announced in August 2023. The move came after Alan Schwarz, the company's Co-Founder, announced last year his decision to leave the firm after 11 years of management. In the period before a new permanent CEO was chosen, San Pietro served as the interim president.
Recently, FXSpotStream published updated volume data, reporting a decrease of 7.5% monthly in average daily volumes (ADV) in December. The ADV ultimately amounted to $64.8 billion, with spot trading accounting for $49.2 billion.
