When FXSpotstream (FSS) launched over 11 years ago as a bank-backed spot foreign exchange price aggregation service, it set its sights on disrupting the public trading venues.
It initially pitched itself as a market utility whereby clients could place orders through a single API connection and have them routed to their chosen liquidity provider. It would also charge zero brokerage fees either to its clients or to liquidity banks.
At the time of its launch some questioned how sustainable its business model was. “Nothing can exist for free for long,” one market participant stated in 2012.
But the venue has been largely hailed as a success, providing a way for banks and clients to curate bespoke liquidity pools and cherry-pick who…
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