FX streaming aggregation service provider FXSpotStream has announced the upcoming addition of functionality to support FX Algos and Allocations over its API.

FSS clients will have access to over 70 different Algos and 200+ parameters offered by the FSS Liquidity Providers (LPs). FX Allocations will allow clients on a pre- and/or post-trade basis to send and allocate orders from multiple accounts at the same time.

Support for FX Algos and Allocations is expected to be live in Q2 of this year.

Alan F. Schwarz, FXSpotStream Co-founder and CEO commented:

“We are extremely excited to announce these significant enhancements to our current offering. Last year we raised capital from our founding banks to support this project and other initiatives we are progressing. We remain grateful for the support we have from our founding banks and all our LPs. We are committed to delivering more solutions that satisfy their needs and those of our mutual clients.

We continue to see tremendous growth in terms of volume, client acquisition and the addition of LPs since we formed the business over 9 years ago. Adding support for the FX Algos and the pre- and post-trade Allocation functionality supported by our LPs will contribute to the continued growth of our business. The addition of FX Algos and Allocations will be an invaluable tool for the Asset Management and Hedge Fund community as well as others that currently access our Service.

In all of 2020, FSS posted an ADV of USD42.648bn, an increase of 18.52% when compared to 2019 (USD38.983bn). For the first time since we launched the Service, we crossed the USD11 Trillion mark in terms of volume supported. The growth in our volumes coincided with an 19.64% growth in the number of clients connected to the Service.

Clients currently do not pay a fee of any kind to FSS to access the liquidity streamed over FSS by the 15 FSS LPs. Similarly, clients will not pay a fee to FSS to access any of the LP Algos or to access pre- and/or post-trade Allocations functionality available over the Service.”

Tom San Pietro, FXSpotStream CTO added:

“FSS will offer the industry’s first multibank FX Algo API. This is a rapidly growing area of the market and one which is of significant investment and focus for us and our LPs.

A great deal of work has taken place on our API to support the Algos of our LPs and the Allocation functionality. Our aim is always to make the interaction between our clients and LPs efficient, cost effective and transparent. The addition of Algos and Allocations achieves that objective.

Clients seeking to access the Algos of our LPs will not need to add any additional network infrastructure. Clients will connect in the same way as they do today – accessing a normalized API through a single FIX session that provides access to Algos offered by multiple providers.

Work on making Algos and Allocations available over our GUI will follow and is targeted for later this year.”

FXSpotStream is a bank owned consortium founded in 2011 and operates as a market utility. FXSpotStream provides multibank FX streaming, RFS and matching services supporting trading in FX Spot, Forwards, Swaps, NDF/NDS and Precious Metals Spot and Swaps. Banks connected to FXSpotStream serve as Liquidity Providers to clients. Clients can access a GUI or single API from co-location sites in New York, London and Tokyo and can communicate with all Liquidity Providing banks connected to FXSpotStream. FXSpotStream has revolutionized the FX trading landscape by eliminating the cost of execution for price takers and allowing price makers the ability to pay a flat fee for providing prices to their clients. FXSpotStream’s 15 LPs include Bank of America, Barclays, BNP Paribas, Citi, Commerzbank, Credit Suisse, Goldman Sachs, HSBC, J.P.Morgan, Morgan Stanley, MUFG, Societe Generale, Standard Chartered, State Street and UBS.