BATS Global Markets has officially closed its acquisition of Hotspot FX.
The deal was first announced on 28 January, and received Hart-Scott-Rodino clearance from the US Department of Justice on 18 February.
Hotspot will continue to be led by Bill Goodbody, who has been a managing director at the firm since 2008. He and the rest of the New York-area Hotspot team will be based in the BATS office in lower Manhattan.
“Today is a major milestone for BATS as we expand into a truly global asset class, a market whose daily trading of $5.3 trillion makes it the world’s largest. We welcome the Hotspot team to the BATS family and we look forward to delivering continued outstanding customer service as we grow this already successful business,” says BATS CEO, Joe Ratterman.
BATS president Chris Concannon adds: “This acquisition marks a new chapter for BATS and we are very pleased with the hard work and dedication of both the BATS and Hotspot associates to successfully and swiftly close this deal. Through our continued innovation, commitment to low costs and customer service and focus on technology excellence, we expect to have a significant impact on the FX market in the years ahead.”
As Profit & Loss reported in February, Concannon becomes CEO of BATS Global Markets on 31 March, and Ratterman will move to the position of chairman after nearly eight years leading the company.
Hotspot’s average daily volume in the fourth quarter 2014 was $31.7 billion, an increase of approximately 20% from the first half of 2014.
“We are pleased that all of the Hotspot employees are joining the BATS team in our existing offices in New York, London and Chicago, and we are maintaining the Singapore presence as well. We look forward to competing in the world’s largest asset class while maintaining our focus on our existing customers,” says a BATS spokesperson in an emailed statement.
A more in-depth analysis of BATS’ $365 million acquisition of Hotspot can be found here.