FXSpotStream has reported a significant increase in its average daily volume (ADV) in December 2020. The firm recorded $42.7 billion, representing a 37% increase compared to the ADV at the same month the previous year.

However, its previous month’s ADV was still higher than December’s ADV by 5%, according to the report.

The total volume for 2020 also rose from its 2019 value of $689 billion to $941 billion in 2020. In November, the company recorded $44.5 billion, representing a 14% increase compared to October.

Fastest growing eFX service provider

For the first time since FXSpotStream was founded nine years ago, the company reached the $11 trillion mark in 2020 when it comes to supported volume. The firm is considered the fastest-growing eFX service. It won the same acclamation last year and two years ago.

Schwarz added that the company is not choosing which of its liquidity providers the company will support, but has pledged to support all of them.

The platform adds more FX Algo strategies

On a similar note, FXSpotStream recently announced the addition of some FX Algo strategies, in addition to the FX Allocation services.

The additional service will begin in the second quarter of the year, and it will be provided through its API, the firm said.

FXSpotStream was founded as a bank-owned consortium and offers multibank FX aggregation for spot FX trading. The market volatility experienced last year led to improved volume for the company.

The platform aims to add over 200 parameters and more than 70 apps, which can be easily accessed through the FXSpotStream client base.

Also, the FX allocations will enable the clients on a pre-trade and post-trade basis, allowing them to place orders on different accounts at the same time.

FXSpotStream’s Co-founder and Chief Executive Officer Alan Schwarz commented on the additional service the platform will soon offer.

According to him, the additional services will be a fitting extension to its long list of services. He also added that the company decided to provide the additional services due to their growing demands both from clients and its banks.

Algos gaining more popularity

Unlike equities, there hasn’t been a mass adoption for the demand of FX Algos, but the demand for such services has increased over few months.

The volume of demand is still a far cry from what is seen with equities. This gives enough space for the service’s growth.
Schwarz stated that such services are also gaining more popularity among hedge funds and asset managers.