Wells Fargo Joins FXSpotStream

Wells Fargo has become the 16^th liquidity provider to join the FXSpotStream service and is now live with multiple clients according to the platform.

At the start of 2023 FXSpotStream adjusted its pricing model to make the service more accessible for a wider number of liquidity providers, signified by the addition of NatWest in October and now, Wells Fargo. The latter is actually the 17^th LP to join FXSpotStream, however the disappearance of Credit Suisse into UBS last year means the overall number is unchanged.

The other LPs are Bank of America, Barclays, BNP Paribas, Citi, Commerzbank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, MUFG, NatWest, Standard Chartered, State Street, Societe Generale and UBS.

After experiencing a surge in activity from 2021 to 2022, FXSpotStream volumes have flattened out – in 2023 it averaged $63.2 billion per day, slightly lower than 2022’s $60.5 billion. In August 2022, Jeff Ward, formerly head of EBS at CME Group, was named as the new CEO.

“It is tremendously exciting to see this level of interest in becoming a liquidity provider on the service,” says Tom San Pietro, CTO at FXSpotStream. “FXSpotStream has become a name synonymous with growth, client service, performance and reliability. We feel that these qualities are what have made us such an appealing prospect for LPs.

“We are extremely excited to be working with Wells Fargo and adding another high-quality liquidity provider that had been requested by our client base,” he adds. “In Q4 of last year, we added our first LP since 2020 and having a second now live is confirmation that the plans that we created with the goal of adding additional LPs have been effective and are delivering the desired results.”