FXSpotStream, which provides a multibank FX aggregation service for spot FX trading, released its monthly metrics for May 2021. This showed a decrease in its average daily volume (ADV) change of -2.8% month-over-month, which was around $47 billion for the month. In April, the ADV was around $48 billion, according to the report.
The total volume for the company in May stood at nearly $994 billion for 21 trading days, meaning an ADV change of 31.1% year-over-year. Compared with the previous month, the total volume accounted for $1.071 trillion implying an average daily volume change of 43.4% year-over-year.
Last year, FXSpotStream’s total volume registered a figure of approximately $758 billion, implying an ADV change of 6.3% month-over-month. At that time, the ADV change was nearly $36 billion, with a year-over-year change of 3.5%. The total trading volume of the platform peaked in March 2020.
FortuneZ reported that, despite the yearly dip, the total trading volume on FXSpotStream for March, with more than $1.25 trillion, remained the second-highest in its operational history. The revenue number showed the demand from all streaming and matching products.
Early this year, FXSpotStream announced the addition of FX Algo strategies onto its portfolio, along with FX Allocation services, which will be offered via its API from the second quarter of this year. The platform aimed to add over 70 different Algos and more than 200 parameters provided by the liquidity providers accessed by the FXSpotStream client base.
Crossing the $11 Trillion Milestone in Trading Volume
The announcement came after the trading volume for 2020 went beyond the $11 trillion threshold, with the ADV increasing 18.52% to $42.648 billion.
“For the third year in a row we grew at the fastest rate of all FX services in the industry,” Alan Schwarz, FXSpotStream Co-founder and CEO, told FortuneZ at that time.
Established in 2011, FXSpotStream is a bank-owned consortium. Along with its services in the spot forex market, the platform has extended its services in the derivatives market.