Tag: HotspotFX


Celer and Hotspot Partner

Celer Technologies has partnered with Cboe’s Hotspot FX to provide a GUI for clients wishing to trade on the platform’s streaming outright forwards and NDFs.
“Hotspot is committed to enhancing the way outright deliverable forwards and NDFs are transacted in the market,” says Paul Millward, head of FX product strategy at CboeFX. “Celer’s strong technical and market knowledge has allowed us to quickly deploy a GUI for our clients who want a high-performance, fully integrated and user-friendly interface to access our new anonymous outright forward and NDF market in addition to our spot market.”

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.

Mixed News on August FX Volumes

The first three platforms to report FX average daily volume (ADV) for August have presented a mixed picture, with one matching record highs, one dropping and one remaining stable.
CBoE’s HotspotFX platform reports ADV of $27.1 billion in August, unchanged from July but 19.9% higher than August 2016.
Euronext’s FastMatchFX saw ADV decline in August to $16.25 billion, down 9.7% month-on-month, but rising 57.8% from August 2016, while Gain’s GTX reports ADV of $12.2 billion per day – a 21% rise from July and 88% higher than August 2016.

Platform ADV’s Lower in July

Unsurprisingly the first six FX platforms to report results are indicating a drop off in activity in July. In spite of more political upheaval in the US and a declining dollar, activity looks to have slowed from June. Although year-on-year the numbers are higher.
At the top level, NEX Markets’ EBS saw a very small decline, CBoE’s HotspotFX, Euronext’s FastMatch FX and Gain GTX all saw month-on-month declines in single figures and CME Group and FXSpotStream registered double digit declines.

Mixed Results from FX Platforms

In spite of several spikes in activity during the month, the overall impact on FX volumes in June was minimal with two of the first group reporting seeing a slight increase and two a slight decrease.
NEX Markets says average daily volume (ADV) in spot on its EBS platform was $83.3 billion in June, a 2% increase from May but a 12% decline year-on-year.
CBoE’s HotspotFX reports ADV of $27.9 billion, fractionally down from May’s $28.1 billion and 2.4% down from June 2016
Elsewhere, FastmatchFX, which was recently bought by Euronext, reports ADV of $19.7 billion, a 12.5% drop month-on-month but 20.9% higher year-on-year.
Finally, Gain’s GTX says ADV was $10.8 billion across its ECN and SEF, up 1% from May and up 12% from June 2016.

Platforms Report Monthly Data

The first FX platform providers to report average daily volume (ADV) data indicate May maintained the momentum of the previous months.
Spot FX activity on NEX Markets (formerly EBS) was $81.3 billion per day, up 6.8% from April and 12% higher year-on-year. At CME combined FX futures and options on futures volume was 823,000 contracts per day.
CBoE’s HotspotFX reports ADV of $28.1 billion, a 1.4% increase on April and a very healthy 20% increase from May 2016, while FastMatchFX reports ADV of $22.5 billion, a 18.4% month-on-month increase and almost double May 2016’s ADV of $11.4 billion.
FXSpotStream handled $17.5 billion in May, up 2% from April and 9% from May 2016 and Gain’s GTX reports ADV across its ECN and SEF of $10.7 billion, a 7% drop from April but a 55% increase from May 2016.

FX Volumes Drift Lower in February

The first three platforms to report FX volume data for February indicate a slightly quieter month than January.
Bats’ HotspotFX saw average daily volume (ADV) of $27 billion in February, a 12.6% decline from January and 17.2% down on the same month in 2016.
The picture was slightly more positive at the other two platforms to report, however, with FastMatch FX handling $16.6 billion per day in February, and Gain’s GTX $11.1 billion, both down on the month but up year-on-year.

Strong Results from FX Platforms in January

The relatively volatile start to 2017 in FX markets has been reflected in strong data from the first three venues to report, with one platform achieving a new high in average daily turnover (ADV) and two others matching recent peaks.
Bats’ Hotspot FX platform reports ADV of $30.9 billion on a 21-day basis, while FastMatch FX handled $17 billion per day and Gain’s GTX shattered its previous record high (by more than 22%) by recording just over $12.6 billion per day.

Platform Volumes Rise in November

The first six FX platforms to report volume data indicate a good November for the industry with the US elections driving sufficient volume to more compensate for the traditionally quiet period around the US Thanksgiving Holiday.
Bats’ HotspotFX handled average daily volume (ADV) of $30.4 billion in November including just under $64.5 billion on November 9 following the US poll. It was a similar picture at FastMatch where ADV was a new high for the platform at $17.1 billion.
Finally it was also a very good month for Gain’s GTX, which recorded ADV of $10.3 billion on its ECN and SEF and just over $4 billion on its Swap Dealer.