Tag: Hotspot

Hotspot

Spotex Hires Gillespie for Eurozone FX Sales

Spotex, a developer of FX technology systems and ECN, has hired Kevin Gillespie as director of institutional sales. In his new role, Gillespie, who is based in London, is set to cover institutional and broker clients as well as banks, primarily in Europe. Reporting to John Miesner, executive managing director and global head of sales […]

Exchanges in FX: A Game of Musical Chairs

In recent years, large exchange groups have been lining up to buy OTC FX platforms. But in this game of musical chairs, what happens to the venues without a buyer when the music stops? Galen Stops reports.One of the major trends in the multi-dealer platform space in recent years has been the acquisition of these platforms by larger exchange groups. Hotspot was the first to go after it was bought by BATS Global Markets in 2015, which in turn was then acquired by Cboe Global Markets in 2017 and the FX platform was rebranded as CboeFX.

Exchanges in FX: A Game of Musical Chairs

In recent years, large exchange groups have been lining up to buy OTC FX platforms. But in this game of musical chairs, what happens to the venues without a buyer when the music stops? Galen Stops reports.One of the major trends in the multi-dealer platform space in recent years has been the acquisition of these platforms by larger exchange groups. Hotspot was the first to go after it was bought by BATS Global Markets in 2015, which in turn was then acquired by Cboe Global Markets in 2017 and the FX platform was rebranded as CboeFX.

Calder Set to Leave Cboe FX

Barry Calder is set to leave his role at Cboe FX in New York at the end of the year.

Calder, whose current title is director, liquidity management, co-founded the Hotspot FX platform in 2000 and worked in various roles as it was subsequently acquired by Knight Capital Group (KGC), BATS Global Markets and then most recently, Cboe in 2017.

“Barry has played an important role in the growth and evolution of Cboe FX. He has decided the time is right for him to pursue new opportunities. We have valued Barry’s dedication, keen insight and contributions over the years and we wish him all the best in his future endeavours,” says a spokesperson for Cboe.

CME and NEX: Building the Supermarket

If there’s one thing that has become abundantly clear over the past few years, it is that many OTC platforms have decided that they need to scale their businesses up and out in order to be successful in today’s FX market.

This was made abundantly clear in a press call today when Terry Duffy and Michael Spencer, respectively the CEOs of CME Group and NEX Group, talked about the logic behind their $5.4 billion tie-up.

“Effectively, what we’re building is a bigger supermarket,” said Spencer. “Why do people shop in supermarkets? Because it’s convenient to buy everything in one place.”

Hotspot Commits to Global FX Code

Hotspot says it has aligned its activities across its global business with the principles of the FX Global Code, issuing a statement of commitment today. 

Following a comprehensive internal review, Hotspot says that its business practices, procedures, compliance framework and disclosure standards have been augmented to fully reflect the Code’s principles, as published in May 2017.

The platform has also conducted a series of customer meetings to clarify how Hotspot’s adherence will impact them and their business. These efforts, which started over a year ago and developed as the Code’s drafting progressed, will remain a focus for Hotspot as adoption of the Code increases across the FX community and as its usage starts to further inform industry behaviour.

Cahill Joins Hotspot’s London Sales Team

Hotspot has hired Mike Cahill as director, FX sales, in the firms’ London office.

In his new role, Cahill will be responsible for covering European systematic trading and asset management and will report in to Ben Leit, head of European FX sales at Hotspot.

Prior to this Cahill worked at KCG where he was responsible for relationship management within the firms’ FX market-making business.

“As we build new functionality and features, and broaden our ambitions for Hotspot both in established and growth markets, it’s important we maintain our long record of outstanding client service and support with a determined and expert sales team,” Leit comments. “Mike’s appointment, will strengthen our business in a key area of geographical focus and I’m delighted to welcome him to our fast-growing team.”

Hotspot Begins Offering Anonymous Deliverable FX Forwards

Hotspot has revealed that the first anonymous outright deliverable forward FX transaction has been executed on its platform.
Hotspot says that is the first platform to provide outright deliverable forwards on an anonymous central-limit order book, and that it is also the first platform to allow prime brokerage clients to post passive quotes.
This is designed to allow for expanded trading activity from market participants, who will be able to trade without being forced to cross the bid-offer spread.
Paul Millward, head of product strategy, and Paul Reidy head of technology, spearheaded the project, which culminated in a one-month EUR/USD trade, of $100,000 notional value.

Steady FX Volumes in April

The first group of FX platforms to report average daily volume (ADV) indicate the steady start to the year continued through April.
CBoE’s HotspotFX reports ADV of $29 billion per day, just down from March’s 29.7 billion, but 13.8% up year-on-year.
Meanwhile, FastMatchFX has set another high water mark in ADV terms, eclipsing last month’s $19.2 billion by recording $19.8 billion in April, up 83.3% from April 2016.
Gain’s GTX also had a steady month, reporting ADV of $11.5 billion, slightly down from March’s $11.8 billion but up 47.4% year-on-year.

How Does FX Get Back to Growth?

After the Bank for International Settlements (BIS) Triennial FX Survey revealed last year that the industry has shrunk in terms of notional volumes for the first time in 15 years, speakers at Forex Network London outlined the factors that could help this market get back to growth.

During the discussion the speakers on the panel outlined a number of issues that have constrained trading volumes over the past three years, including technology shortcomings, a lack of investment in some areas of the market, and regulatory challenges.

Against this background, the question was put to the panellists, how does the FX industry get back to the kind sustainable growth that it witnessed between 2001 and 2016?