Multibank FX aggregation service provider FXSpotStream LLC, a wholly owned subsidiary of LiquidityMatch LLC, today announced the hiring of Mark Reeves, formerly eFX Sales at Deutsche Bank, as Head of Sales and New Business, Americas as volumes and new clients continue to grow at a fast pace.
Alan F. Schwarz, CEO, stated: “Mark joins us at a time of tremendous growth for the business. He brings over 14 years of experience in FX sales, operations and client services while at Deutsche Bank in New York and London. We are extremely excited to have Mark on board to support the company’s continued expansion. We enter the New Year with the most momentum we have seen in our Service since we formed the business over 3 years ago.:
“Last year we saw our volumes grow year-on-year by 309% and the number of new clients grew by 83% since the start of 2014. In December we also added FX forwards streaming to complement FX forwards and swaps which we rolled out on an RFS basis in September. FXSpotStream’s unique business model is leading the industry in offering a low cost, transparent venue while providing a high quality service to its clients and banks” concluded Mr. Schwartz.
“FXSpotStream is a unique venue within the FX market as it not only offers a complete buy side solution for FX execution but also allows our liquidity providing partners the ability to supply direct pricing to their clients on a brokerage free Service. This is the perfect opportunity for me to help drive FXSpotStream forward and expand its global reach in 2015” said Mark Reeves, Head of Sales and New Business, Americas.
In addition to FX aggregation, the company’s systems facilitate banks connected to FXSpotStream to serve as liquidity providers to clients. FXSpotStream, whose liquidity provders include BofA Merrill Lynch, BNP Paribas, Citi, Commerzbank AG, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and UBS functions as a market utility, providing the infrastructure that facilitates the GUI and multibank API routing mechanism to route trades from clients to liquidity providers. Clients access a GUI or single API from co-location sites in New York, London and Tokyo and have the potential to communicate with all liquidity providing banks connected to the FXSpotStream solution. FXSpotStream does not charge brokerage fees to clients or liquidity banks.