Tag: Hotspot


Hotspot Names New Head of FX Liquidity Analysis

Hotspot has appointed Jon Weinberg as head of FX liquidity analysis. Weinberg will move into this newly created role from UBS, where he was head of liquidity management within the bank’s FX e-trading group.

At Hotspot, he will be responsible for creating data analytics aimed at enhancing the trading experience of Hotspot’s customers. Based in London, Weinberg will report directly to Bryan Harkins, head of US equities and global FX at CBOE, which recently acquired Hotspot’s parent group, Bats Global Markets.

FX Platforms: Optimism Abounds for 2017

Galen Stops looks back at how the OTC FX platforms fared in 2016 and talks to them about their strategic plans for 2017.

Speaking to platform providers at the end of 2015 about their prospects for the next year, they were all fairly bullish that a period of subdued volatility, and subsequently trading volumes, was about to come to an end.

And on the surface, the reasons they cited for this optimism were logical. The US Federal Reserve had just approved a quarter-point increase in its target funds rate, the first change in rates since 2009 and the first increase since 2006. Many hoped that further rate increases were coming and that interest rate differentials might start to produce trading opportunities and therefore lift FX volumes.

September Reporting Shows Platforms Bounce Back

The first FX platforms to report their monthly trading volumes show that trading activity bounced back in September after a significant slowdown in August.

Hotspot, FastMatch and Gain GTX all reported increases in average daily volume (ADV) on their platforms, both month-on-month and year-on-year.

Hotspot registered an ADV of $28.3 billion in September, a 25% increase from August and an 8% year-on-year increase.

GTX reported an ADV of $8.4 billion on its ECN and SEF combined for September, a 30% increase from the previous month and a 29% increase from September 2015.

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.

Williams Exits Curex

Michael Williams has left Curex, where he was president and vice chairman. He is understood to be establishing a consultancy firm in the fixed income and FX space.
Williams joined Curex in January 2010 from Hotspot, where he was senior managing director of Knight Capital and head of the Hotspot platform business. He joined the firm in late 2006 from HSBC where he was responsible for the New York trading and sales business.
A veteran of the industry, before HSBC Williams also held roles at Cantor Fitzgerald, Intercontinental Exchange Partners and Bierbaum – the latter being a business he established in New York in 1978.

More Platforms Report July Volume Decline

Thomson Reuters, FX Spotstream and FXCM have all reported a month-on-month decline in FX average daily volume (ADV), however the latter two are up on a year-on-year basis. Thomson Reuters says spot volumes across its platforms was $97 billion per day, 8.5% lower from June and 4% down from July 2015. Other volume was $262 […]

Uberoi Departs Bats

Natasha Uberoi has left her position as director, FX sales, at Bats Global Markets in New York, according to market sources. Although a spokesperson for Bats declined to comment on the news, Profit & Loss understands that Uberoi left the firm on Monday, with her next destination currently unknown at this point in time.  Uberoi […]

And Finally…

Trying to decipher platform performance during last month’s UK-inspired mayhem is almost as difficult as keeping track with the latest shenanigans in UK politics following the vote to leave the EU – but I’ve had a go and there seem to be some interesting angles. I am not talking about the technology – that worked […]

FastMatch Hits New High as First Platforms Volumes Released

The first three platforms to confirm data for June show that FX volumes rose across the board driven, of course, by activity around the UK’s vote on European Union membership. FastMatch recorded average daily volume (ADV) of $16.1 billion in June, its highest yet, 29.4% above its previous high of $12.6 billion set in October […]