FXSpotStream LLC, a subsidiary of LiquidityMatch LLC, has proudly welcomed Wells Fargo as its 16th liquidity provider for its foreign exchange price streaming service.
This significant addition follows NatWest’s participation in the service last year, marking the first new entrant to the liquidity pool since 2020.
FXSpotStream operates as a provider of liquidity to clients through a transparent, relationship-based trading platform for foreign exchange and precious metals.
It offers clients access via a user-friendly graphical interface or application programming interface (API).
Tom San Pietro, the company’s Chief Technology Officer, expressed his enthusiasm about Wells Fargo’s inclusion, highlighting the growing interest among banks in becoming liquidity providers on FXSpotStream’s platform.
San Pietro noted that the platform’s growth, dedication to client service, robust performance, and reliability have made it an attractive choice.
“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 has commenced providing liquidity to multiple FXSpotStream clients, joining a prestigious group of 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.
FXSpotStream operates trading platforms in New York, London, and Tokyo, aiming to eliminate execution costs for price takers and offering price makers access to clients for a flat fee.
Earlier this year, Jeff Ward, the Global Head of Electronic Brokering Services at CME Group, assumed the role of CEO at FXSpotStream.
This appointment was officially announced in August 2023, following the departure of Alan Schwarz, the company’s Co-Founder, after 11 years of leadership.
During the interim period before a permanent CEO was selected, Tom San Pietro served as the interim president.
In recent news, FXSpotStream published updated volume data, reporting a 7.5% decrease in average daily volumes (ADV) for December, totaling $64.8 billion, with spot trading accounting for $49.2 billion.
The addition of Wells Fargo and the ongoing performance of the platform reaffirm FXSpotStream’s position as a leading player in the foreign exchange market.