FXSpotStream announced that it has added a FX Algos and Allocations functionality over its API. According to the original announcement shared with LeapRate, the company expects to have its first clients live in the third quarter.
Users will have access to more than 70 different Algos and more than 200 parameters offered by the FXSpotStream Liquidity Providers (LPs).
The FX Allocations functionality enable clients, on a pre- and/or post-trade basis, to send and allocate orders from multiple accounts, all at the same time.
FXSpotStream noted that they are working to support FX Algos and Allocations over the GUI and this is expected to be live in Q1.
Alan F. Schwarz, FXSpotStream Co-founder and CEO commented:
We are extremely excited to be live with our Algos and Allocations API offering. The team has done a tremendous job getting the offering live on schedule despite some challenging conditions related to the global pandemic.
Alan F. Schwarz, continued:
Clients currently do not pay a fee of any kind to FXSpotStream (FSS) to access the liquidity streamed over the Service by the 15 FSS LPs. Similarly, clients will not pay a fee to FSS to access any of the LP Algos or to access pre- and/or post-trade Allocations functionality available over the Service. Any fee an LP may charge for access to their Algos or Allocations functionality will be handled directly with the LP.
He went on to explain that the new product launch came with a momentum from their core business after record trading numbers in 2020. FXSpotStream’s ADV for the first five months of 2021 (January to May) is $49.959billion, up 14.97% from the same period of 2020.
The company registered its second highest ADV in March 2021 with $54.674billion and April volumes crossed the $1 trillion mark for the second month in a row.
FXSpotStream recently revealed that Ross Smith has joined the company as a Legal Consultant. The official announcement noted that the new hire comes as the company prepares for the launch to support Algo and Allocation functionality over their API.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
