FXSpotStream Expands into Rates
Posted by Colin Lambert. Last updated: May 19, 2026
LiquidityMatch, the parent company of FXSpotStream, has launched RateStream, a dedicated fixed income solution based upon the same design as the original FX platform that will initially support US Treasuries.
The new service will be based upon the “no-cost-to-taker” model popular among FX platforms, and the firm says initial liquidity providers include BNP Paribas, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, and Wells Fargo. While the service will initially focus on US Treasuries, LiquidityMatch says plans are already underway to integrate European Government Bonds and additional liquidity providers later in 2026.
“The addition of US Treasuries to our offering broadens the liquidity options available through our service,” says Jeff Ward, CEO of FXSpotStream. “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.”
Clifford Cook, head of FI trading at ExodusPoint Capital Management, adds, “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.”
The Full FX View
This move has been flagged for some time and makes sense given how a growing number of banks offer the major fixed income products on their single dealer platforms, and FXSpotStream was effectively an extension of that model in FX.
Perhaps the biggest beneficiary might be the banks themselves, many of whom own the platform, because this provides them with an environment in which non-bank market makers – a group that seems to have made serious inroads in the major fixed income markets – do not currently operate. Some estimates suggest that in US Treasuries and futures, the non-bank players have grabbed a 60%-plus share of activity.
This is also a good move for those on the client side that have become more alert to market slippage in their executions, presumably they can execute in larger size in a less public environment.
The support of the banks is a significant early boost to the new service, but it will still take some effort to gain the traction necessary, largely because while many buy side firms care less about best execution in FX, they are much more attentive when it comes to their direct investment strategies. This has tended to push them towards the public, tight, top-of-book arena, whether that is a better way or not.
Ultimately the success or otherwise of RateStream will be a useful indicator as to whether fixed income markets are following FX in one important area of market structure. In FX, the last decade or more has been characterised by the buy side seeing the benefit of, and using significantly more of, the relationship-based, disclosed, trading channels. Were that to happen in fixed income, in US Treasuries in particular, it would reverse what seems to be a trend over the last five years in the opposite direction – largely driven by regulation. Indeed, it will be interesting to hear regulators’ views in particular, if more, rather than less, government bond trading goes down this route.
