Tag: Bats Global Markets

Bats Global Markets

Reidy Handed New Role at HotspotFX

Paul Reidy has been appointed as COO of HotspotFX. Prior to this, he had been working for the platform as head of FX technology.

 A spokesperson for HotspotFX confirms the change in position.

Based in New York, Reidy has been with HotspotFX since it was owned by Knight Capital Group (KCG), a company that he joined as a managing director in 2005. In 2015, the platform was acquired by Bats Global Markets, which in turn was acquired by CBOE earlier this year.

Prior to joining KCG, Reidy worked in fixed income electronic trading at Bloomberg for four years as a software developer for Bondbook ECN and as a sales engineer at Kabira Technologies. Reidy also spent four years working for Merrill Lynch as a vice president, working as a software developer for the firm’s repo trading system.

Bats Completes Javelin SEF Acquisition

Bats Global Markets completed its acquisition of Javelin SEF, a swap execution facility (SEF).
The deal was announced on August 11, 2016 and received approval from the Commodity Futures Trading Commission (CFTC) on October 23, 2016.
Javelin has been integrated with Bats Hotspot, the institutional FX trading platform, in order to enable trading in non-deliverable forwards (NDFs). Hotspot already offers trading in outright deliverable forward contracts. Dodd Frank Act provisions mandate that certain market participants have to trade NDFs on SEFs.

CBOE to Buy Bats Global Markets for $3.2 Billion

CBOE Holdings has confirmed its plan to buy Bats Global Markets for a total of approximately $3.2 billion, with trading across all asset classes expected to migrate onto a single platform utilising Bats’ proprietary trading technology. The transaction is expected to close in the first half of 2017, subject to regulatory approvals.

While the Bats-owned Hotspot FX business is not expected to be materially impacted, the combination of CBOE’s futures platform and Hotspot’s spot FX products creates a unique opportunity, Chris Concannon, Bats’ CEO, told Profit & Loss on a media call.

Bats Targets NDF Market With SEF Acquisition

Bats Global Markets (Bats) has announced plans to acquire Javelin, a Swap Execution Facility (SEF) that is registered with the US Commodity Futures Trading Commission (CFTC). According to Bats, the deal is intended to accelerate it plans to offer trading of non-deliverable forwards (NDFs) for the foreign exchange market. Javelin currently offers trade execution for […]