New multibank service aimed at pricing information for spot FX trades.
FXSpotStream LLC has announced the debut of its multibank price aggregation service, aimed at the facilitation of spot foreign exchange (FX) trades.
Banks connected to the company's service include Citi, Bank of America Merrill Lynch, Commerzbank AG, Goldman Sachs, HSBC and JP Morgan Chase. The firms will all serve as liquidity providers for clients. The service is aimed as a market utility rather than a solution, and as such, there are no broker fees for either the bank or the client.
"FXSpotStream provides banks and clients the ability to communicate bilaterally using a solution that does not interfere with the transaction, is transparent and eliminates the cost of execution," says Alan F Schwarz, CEO. "Clients access a single API from co-location sites in New York, London and Tokyo and have the potential to communicate with all liquidity providing banks connected to the FXSpotStream solution."
FXSpotStream is a subsidiary of LiquidityMatch LLC, in which many of the participating banks are shareholders.