LiquidityMatch LLC announced the launch of RateStream, a fixed income streaming solution designed to replicate the cost-efficient execution model of its sister company, FXSpotStream. The platform launches with six major liquidity providers—BNP Paribas, Citi, Goldman Sachs, J.P. Morgan, Morgan Stanley, and Wells Fargo—and initially focuses on US Treasury trading from the Jersey City headquarters.
- Initial Focus: US Treasuries
- Commercial Model: No-cost-to-taker pricing
- Launch Partners: Six major global banks
- Planned Expansion: European Government Bonds and additional providers in 2026
- Access Method: Single API from New York co-location site
RateStream extends FXSpotStream’s proven business model to fixed income markets, eliminating execution costs for price takers while charging liquidity providers a flat fee. The platform supports ESP and RFS trading protocols and provides access to liquidity provider algorithms. FXSpotStream CEO Jeff Ward stated the service broadens liquidity options and reflects the firm’s commitment to cost-effective solutions, noting 2026 has been a record year for the FX division.
Chief Executive Officer at FXSpotStream. Source: LinkedIn
The launch has drawn support from participating banks and clients. Citi’s Jamie Mortimore described RateStream as a welcome addition to market structure, while J.P. Morgan’s Matthew Franklin-Lyons emphasized the value of cross-bank liquidity for execution efficiency. Morgan Stanley’s Michael Harris highlighted the platform’s cost-effective, low-latency streaming protocol, and ExodusPoint Capital Management’s Clifford Cook noted the firm will use RateStream to access multiple liquidity providers through a unified interface.
RateStream is a bank-owned consortium launched as LiquidityMatch’s dedicated fixed income subsidiary. FXSpotStream, founded in 2011, operates the only multi-bank FX and precious metals venue using the no-cost-to-taker execution model.
