FX comment: Heat on HotSpot for double counting

Volumes have never been a particular favourite of mine, especially when they are presented in different formats, in percentage increases, in currencies other than USD. Even so, it came as something of a surprise this week when we were tipped off that Hotspot double count their volumes.

Volumes have never been a particular favourite of mine, especially when they are presented in different formats, in percentage increases, in currencies other than USD. Even so, it came as something of a surprise this week when we were tipped off that Hotspot double count their volumes.

We receive Hotspot’s volumes every month in good faith. Perhaps if we had been a bit sharper, we might have noticed that when we receive volumes from other platforms they explicitly note that all volumes are single counted.

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