FXSpotStream Rebounds from December Dip, Generates $1.3T in January

Wednesday, 01/02/2023 | 17:25 GMT by Solomon Oladipupo

Cboe FX and 360T's total monthly volumes improved in January 2022.

Alan F. Schwarz, FXSpotStream's Co-Founder, departs the business this month.

FXSpotStream LLC, a provider of multibank FX aggregation services for spot FX trading, recovered from its low during the holidays last year as it generated a total monthly volume of $1.3 trillion in January. The volume grew by 3% from $1.26 trillion in December.

The aggregation service, which published its trading metrics for January 2023 on Wednesday, saw its average daily volume (ADV) jump by 5.2% to $60.6 billion in January. This is up from $57.6 billion posted in the prior month. However, compared to January 2022, FXSpotStream’s total volume last month improved by a greater measure, rising by 14.3% year-over-year.

Meanwhile, Finance Magnates reported earlier in the month that the 11-year-plus journey of Alan F. Schwarz, who co-founded FXSpotStream in August 2011, comes to an end this month. Schwarz saw FXSpotStream through its growth phase as the aggregation service expanded its client base to streaming liquidity providers, such as Barclays, BofA Merrill Lynch, Societe Generale, Citi and Commerzbank.

Spot FX Industry Recovers from Holiday Lows

Across the industry, other institutional venues for trading spot forex reported increases in their trading volume in January as they rebounded from the lows recorded in December 2022 as a result of the holidays.

Cboe FX, the institutional forex trading venue owned by Chicago-based Cboe, reported a 16% increase in its trading volume which reached $901 billion in January, which is up from $773 billion in the prior month. Additionally, the venue’s ADV rose 18% to $41.3 billion last month. However, compared to January 2022’s $767.7 billion, Cboe FX’s total monthly volume in January 2023 jumped 17.4%.

Check out the FMLS22 session on "Upstart Products Boosting Your Bottom Line."

Moreover, in Europe, 360T, a Deutsche Boerse-owned forex trading platform, reported a rebound as total monthly trading volume rose by 4.5% to $512 billion, which is a decrease from $490 billion in December 2022. Compared year-over-year, this represents a 7.5% uptick on the major European trading platform.

On the contrary, Click 365, a Japanese platform for trading FX daily futures, reported a decline in January 2023. FX futures contracts traded on the platform, which was launched by the Tokyo Financial Exchange in 2005, dropped 11.9% month-over-month to approximately 2.7 million contracts. However, year-over-year, the number of contracts improved 39.7%.