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FAQ

Questions, answered from the record.

Every answer below is drawn from published FXSpotStream® material. Where the answer is not published, we say so.

Frequently asked questions

Commercial model

What does FXSpotStream cost me as a client?

Nothing. There are no commissions, data, access or hosting charges — FXSpotStream® does not charge its price taker clients for use of the Service, does not engage in proprietary or other forms of trading, and does not add spreads to any transaction supported by the Service.

Source/benefits/

If clients don't pay, who does?

The liquidity providers. FXSpotStream has revolutionized the FX trading landscape by eliminating the cost of execution for price takers and giving price makers the ability to pay a flat fee to provide pricing to their clients. They are the only venue on the market today with this unique commercial model.

SourcePRESS RELEASE, 16 SEP 2025

Is FXSpotStream a counterparty to my trades?

No. FXSPOTSTREAM® is not a party to any transaction you may determine to enter into directly with a user of FXSPOTSTREAM®. The service is bilateral, fully disclosed and transparent — trading takes place between counterparties that have a trading relationship.

Source/terms-of-use/

Are there fees for using LP algos or allocations?

FSS does not charge clients a fee to access the Algos or use Allocations of any of its LPs. Any fee an LP may charge for access to their Algos or Allocations functionality will be handled directly with the LP.

Source/algos-and-allocations/

What's traded

Which products can I trade?

FXSpotStream® provides a multibank FX and Precious Metals streaming Service supporting trading in FX Spot, Forwards, Swaps, NDF/NDS and Precious Metals Spot and Swaps.

Source/

Which currency pairs are supported?

FXSpotStream® can support any currency pair that a Liquidity Provider will stream. There are no size or currency pair limitations.

Source/api-offering/

Which precious metals are available?

XAU (Gold), XAG (Silver), XPT (Platinum) and XPD (Palladium) — spot and swaps, viewable via the API or the GUI in the same manner as the FX offering.

Source/pm-offering/

How are NDFs and NDSs different from regular forwards and swaps?

Non-Deliverable Forwards (NDFs) and Non-Deliverable Swaps (NDS) differ from regular forward and swap products in that the underlying currencies are not exchanged; instead the trades are cash settled in the primary currency, typically USD, although other currencies are sometimes used as well.

Source/ndf-nds/

Which NDF pairs are covered?

A wide range of NDF/NDS currency pairs are already supported on the Service, typically Asian and South American currency pairs. FSS is technically able to support any currency pair that its LPs support, and the sales team is available to discuss additional pairs.

Source/ndf-nds/

Connecting

How do I connect?

Via a single API or a browser-based GUI. Connectivity options are cross-connect (1g or 10g for clients located in Equinix facilities), Metro Connect, extranet through various providers, VPN, and public internet for clients connecting to the NY2 site.

Source/api-offering/

Where are the co-location sites?

New York (Equinix NY2), London (Equinix LD4) and Tokyo (Equinix TY3).

Source/general-information/

What execution protocols are available?

Both Executable Streaming Prices (ESP) and Request for Streams (RFS) are available.

Source/api-offering/

What interaction models does the API support?

Three: Full Amount (best bid/ask for full amount), Pass Through (fully disclosed, depth of book) and Limit Orders. One or both limit order options can be selected, and pass-through mode supports order and quote based price streams.

Source/api-offering/

Do I need to install software to use the GUI?

No. The GUI is based upon HTML5 technology which allows it to be launched directly from a browser without any need to download software onto a local PC or network.

Source/gui-offering/

Do I need extra infrastructure to access LP algos?

No. Clients seeking to access the Algos of the FSS LPs do not need to add any additional network infrastructure, connecting in the same way as they do today — accessing a normalized API or GUI through a single FIX connection that provides access to the Algos offered by multiple LPs.

Source/algos-and-allocations/

Liquidity and relationships

How many banks can I price from?

Nineteen. FXSpotStream offers liquidity from 19 global FX banks.

Source/

Can I trade with any bank on the platform?

Only those you already have a relationship with. A client can connect from sites in New York, London and Tokyo and trade with any of the 19 Liquidity Providers that they have a dealing relationship with.

Source/benefits/

Is the pricing anonymous?

No — it is fully disclosed and bilateral. Liquidity Providers can stream dedicated price streams tailored specifically for a client's needs.

Source/benefits/

Operations

What hours is the service available?

The FXSpotStream® Service opens on Monday at 0700 NZT and closes on Friday at 1700 NYT.

Source/benefits/

What support is available?

24/5 global support. Dedicated regional support is available from the open of the Service and following the close of the Service, from within the US, Europe and Asia, including a local Tokyo support staff fluent in Japanese.

Source/benefits/

How do allocations work?

There is support for Pre-Trade Allocations in both RFS and ESP protocols. Post-Trade Allocations are limited to those clients pre-approved by their LPs. Allocations can either be implemented by the client or through an OMS or third-party vendor.

Source/algos-and-allocations/

Does it integrate with my post-trade workflow?

Yes. The Service is connected to various STP providers for post-trade notifications, and the GUI integrates with all major post-trade STP channels.

Source/api-offering/

What analytics do I get?

FX|Insights℠ delivers real-time data to clients and Liquidity Providers to meet the business challenges and demands of trading FX and Precious Metals, including real-time dashboards across data-sets such as order latency, rejections and fill ratios, plus a Decay Analysis Report.

Source/fxinsights/

Company

Who owns FXSpotStream?

FXSpotStream® is a bank owned consortium operating as a market utility. FXSpotStream LLC is a wholly owned subsidiary of LiquidityMatch LLC.

Source/general-information/

When was FXSpotStream founded?

FXSpotStream® LLC, a subsidiary of LiquidityMatch LLC, was formed on 16 December 2011, and the Service launched in December 2011.

Source/company-history/

What is RateStream?

A separate fixed income service launched by LiquidityMatch LLC in May 2026 — click to trade, bilateral, ultra low-latency streaming of pricing for U.S. Treasuries, on and off the run — mirroring FXSpotStream's no-cost-to-taker model.

Source/ratestream/

How do I get started?

Complete the multi-step onboarding form on the Benefits or Become a Client page, or email sales@fxspotstream.com. Infrastructure questions go to infrastructure@fxspotstream.com and onboarding to onboarding@liquiditymatchllc.com.

Source/contact/

Not yet published

Eight things we will not guess at.

The questions below get asked, and FXSpotStream has never published an answer to any of them. Rather than estimate, we list them, because a number invented for a website is a number that fails diligence. Ask the sales team and you will get the current answer from a person who is accountable for it.

  • Round-trip latency figures
  • The FIX version and specification
  • How long onboarding takes
  • Client eligibility criteria
  • How a bank becomes a Liquidity Provider
  • Regulatory status and registrations
  • The supported browser matrix for the GUI
  • Data retention and record-keeping periods
sales@fxspotstream.com

Still holding a question this page did not answer?

The sales team answers the ones we have not published, including the eight above. Tell us what you trade and where you connect from.

Jersey City +1 201 217 8075London +44 (0)20 4576 1444Tokyo +81 (0)50 5497 5187Amsterdam +31 (0)20 793 2390