LiquidityMatch LLC, the parent company of FXSpotStream LLC, has announced the launch of RateStream LLC, a dedicated Fixed Income streaming solution designed to bring the efficiency of the foreign exchange markets to the Rates space.

Mirroring the successful “no-cost-to-taker” model pioneered by its sister company, FXSpotStream, RateStream launches with an elite tier of initial Liquidity Providers, including BNP Paribas, Citi, Goldman Sachs, J.P. Morgan, Morgan Stanley, and Wells Fargo. While the service will initially focus on US Treasuries, plans are already underway to integrate European Government Bonds and additional Liquidity Providers later in 2026.

The company said that this strategic expansion into the Rates market reflects FXSpotStream’s ongoing commitment to delivering a robust, diverse, and cost-effective liquidity pool for its global client base.

FXSpotStream CEO Jeff Ward stated,

“The addition of US Treasuries to our offering broadens the liquidity options available through our Service. In addition, as leading participants in global Fixed Income markets, the initial banks’ participation affirms our commitment to enhancing market liquidity and providing our clients with greater depth and choice. 2026 has so far been a record year for our FX service, and we now look forward to complementing this with a best-in-class Fixed Income product.”

Jamie Mortimore, Global Head Rates E-Trading at Citi, said,

“The U.S. Treasury market continues to evolve, with clients increasingly looking for relationship-based, multi-level streaming liquidity. RateStream is a welcome addition to the market structure, and we look forward to working with them as the service develops.”

Matthew Franklin-Lyons, Global Head of Rates Trading at J.P. Morgan, said,

“J.P. Morgan and our partner banks have long shared a vision of delivering competitive, cross-bank liquidity that improves execution efficiency for clients. Building on FXSpotStream’s foundations, we’re pleased to support the launch of RateStream, extending these network benefits into Fixed Income. We look forward to expanding access to more clients and vendors as the products and protocols evolve.”

Michael Harris, Head of eRates and Algo Client Coverage at Morgan Stanley, said,

“As the fixed income market evolves along the electrification frontier, additional ways of trading will be needed. RateStream has developed a cost-effective, low latency streaming protocol that enables relationship-based trading. Morgan Stanley is pleased to be an early adopter of the protocol.”

Clifford Cook, Head of FI Trading at ExodusPoint Capital Management, said,

“We have long supported the direct API model offered through FXSpotStream, and are now happy to use RateStream to access streaming protocols at a number of our key Liquidity Providers in a fast, cost-effective manner.”

About RateStream

RateStream is a bank-owned consortium and sister company of FXSpotStream, which was founded in 2011 and provides fully disclosed, multibank, relationship-based trading services for FX and precious metals instruments. The service supports ESP and RFS trading protocols along with access to liquidity provider algo suites. Banks connected to FXSpotStream serve as Liquidity Providers to clients. Clients can access a single API from the New York co-location site and have the ability to communicate with all Liquidity Providing banks connected to RateStream.

FXSpotStream has revolutionized the FX trading landscape by eliminating the cost of execution for price takers and giving price makers the ability to pay a flat fee to provide pricing to their clients. They are the only venue on the market today with this unique commercial model. RateStream will offer a similar service.