FxSpotStream's August ADV Falls to $60.8 Billion

<p>Last week,
Finance Magnates reported that spot foreign exchange transactions for
institutional investors <a href="https://www.financemagnates.com/institutional-forex/august-forex-trading-volumes-show-mixed-results-across-platforms/" target="_blank" rel="follow">showed mixed results in August</a>, with a predominant
downward trend. This data corroborates the results for the same period reported
by FxSpotStream, the New Jersey-based provider of multibank price streaming
services for FX spot and <a href="https://www.financemagnates.com/terms/s/swaps/">swaps</a>. In August, the total average daily volume (ADV)
was $60.8 billion, compared to $65.1 billion reported a month earlier.</p><p>FxSpotStream Reports
Lowest Total ADV since May</p><p>Regarding the total volume, FxSpotStream reached $1.39 trillion in August, which is slightly higher
than in July. However, it's important to note that August had more trading
days. Last month, investors had 23 opportunities to place their orders,
compared to 21 times in the previous month. </p><p>The spot
ADV value was $48 billion, compared to $52.5 billion in July. In the 'Other
ADV' category, which is a modest increase from $12.5 billion to $12.7 billion was not
enough to offset the declines in the spot market volumes.</p><p>Historically,
the August figure is one of the worst in the last 12 months, only outdone by
December 2022, March and <a href="https://www.financemagnates.com/institutional-forex/fxspotstreams-trading-volumes-bounce-back-to-128t-in-may/" target="_blank" rel="follow">May 2023</a>. This also breaks the streak of consistent
<a href="https://www.financemagnates.com/institutional-forex/fxspotstream-sees-139t-in-june-rebounds-for-second-consecutive-month/" target="_blank" rel="follow">growth from June</a> to July.</p><p>2022 Results and New Hires</p><p>FXSpotstream
Europe Ltd, the European arm of a leading multibank FX aggregation services
provider for spot FX trading, recently <a href="https://www.financemagnates.com/institutional-forex/fxspotstream-europe-boosts-revenues-and-net-income-in-2022-by-34/" target="_blank" rel="follow">released its 2022 financial report</a>. The
data revealed that the company experienced growth across all key financial
metrics compared to the previous year. The firm posted a gross revenue of $2.6
million, which is up from $1.9 million in 2021. After accounting for expenses, the
operating profit reached $123,000. This is a slight increase from $108,000 the year
before.</p><p>On top of that, the company reported a net profit of $112,407, marking an increase of 34% from the $83,703
recorded in 2021. Retained earnings for the year totaled $607,580, growing by
over $100,000 year-over-year. </p><p>In
leadership changes, the company <a href="https://www.financemagnates.com/executives/cme-groups-jeff-ward-to-step-take-over-as-fxspotstreams-ceo/" target="_blank" rel="follow">welcomed Jeff Ward as the new CEO</a>, succeeding
Alan F. Schwarz, the company's Founder. Previously the Global Head of
Electronic Brokering Services at CME Group, Jeff Ward was announced as the new
leader by LiquidityMatch, FXSpotStream's parent company. </p><p>Earlier in the year, the firm bolstered its executive team by <a href="https://www.financemagnates.com/executives/moves/fxspotstream-onboards-new-liquidity-management-head/" target="_blank" rel="follow">appointing Jeremy Rose</a>
as the Senior Vice President and Head of <a href="https://www.financemagnates.com/terms/l/liquidity/">Liquidity</a> Management, based in London.</p>

This article was written by Damian Chmiel at www.financemagnates.com.