FXSpotStream Launches Spot FX Aggregation Service With Six Banks
May 11 2012 - 10:10AM
Dow Jones News
Six leading banks have signed up to provide liquidity to a new
multibank price aggregation service for spot foreign-exchange
trading run by FXSpotStream LLC, the firm said Friday.
Bank of America Merrill Lynch, Citigroup Inc (C), Commerzbank AG
(CRZBY), Goldman Sachs Group Inc (GS), HSBC Holdings PLC (HBC) and
JPMorgan Chase & Co. (JPM) are signed up to the U.S. launch,
FXSpotStream said.
FXSpotStream, a subsidiary of LiquidityMatch LLC, will provide
clients with liquidity and facilitate communication between the
banks involved.
"We are very pleased to be involved in bringing to market a
solution that will allow clients a more efficient, less expensive
way to deal directly with Citi and all other FX banks connected to
the FXSpotStream solution," Fergal Walsh, co-head of FX electronic
trading at Citi, said in a press release.
FXSpotStream said it plans to launch the service from its hosted
sites in Europe in the second quarter of 2012 and in Asia in the
third quarter. It confirmed that it won't be charging a brokerage
fee for the service.
The new service is run by CEO Alan Schwartz who was previously a
chief operating officer at interbank broker ICAP North America
(IAPLY) according to his LinkedIn profile.
-By Alexandra Fletcher; 44 20 7842 9462;
alexandra.fletcher@dowjones.com
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