High
volatility in foreign exchange markets continues to drive strong demand for
forex trading instruments. As a result, FXSpotStream, a provider of multibank
FX aggregation services, has once again reported record volumes this year,
reaching $96.8 billion in daily average volume.
Spot ADV Soars in August
Compared to
July 2024, FXSpotStream’s volumes grew by approximately 4% from just under $93
billion. However, when compared to the same period last year, the jump is over
60%.
While the
average daily volume (ADV) in the “other” category remained
practically unchanged and even slightly decreased compared to July, spot ADV
grew for another consecutive month, reaching $73.2 billion. This growth
contributed to the overall ADV increase, setting
another record in FXSpotStream’s history of volume data reporting.
Data from
FXSpotStream confirms
figures from other major trading hubs and collectively indicates that
institutional investors in the currency market are riding the weak dollar wave
following a highly volatile August, where the Japanese yen saw dominant
increases.
In addition
to the increase in volumes, the company recently reported a significant jump in
revenue. The EMEA branch of the multibank FX aggregation services provider,
FXSpotstream Europe Ltd, increased its revenue and operating profit by over
60%.
Volumes Align with Revenue
Growth
The latest
data from the UK’s Companies House reveals that FXSpotstream Europe recorded
a turnover of $3.5 million, marking a 40% increase from the previous year’s
$2.5 million. This achievement signifies yet another year of positive financial
performance for the company.
Net profits
after taxes saw a significant rise, climbing over 60% to reach $183,000 from
$112,000. Additionally, the company’s total assets grew to more than $790,000
by the end of 2023.
In a seperate
move to strengthen its leadership, FXSpotStream has appointed John Ashworth as
the Independent Chair of its Board of Directors. Ashworth, the CEO of Caplin
Systems, which specializes in trading technology, brings over thirty years of
experience in the technology sector. His extensive background includes senior
positions at prominent FX-focused organizations such as FENICS, GFI, Apama, and
FXAll.
“As we
continue to mature and expand as a business, there is a need to add senior
leadership with a strong background in independent governance and technology,
and John brings both of these to the table,” Jeff Ward, the CEO of FXSpotStream,
commented.
This article was written by Damian Chmiel at www.financemagnates.com.
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