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FX: Hotspot FX comes again

This story was first published on theweeklyFiX , for more details please click here

Hotspot says it is now averaging around $30 billion a day in spot transactions, and it will publish its monthly volume statistics from now on. According to John Miesner, the company’s global head of sales, and Bill Goodbody, its business manager, Hotspot completely rethought its business model when it was taken over by Knight Capital for what looked like a modest $77.5 million four years ago. The upshot of this was the ultimate decision to concentrate fully on institutional rather than retail FX. This resulted in Hotspot selling its retail operations to FXCM in January 2009.

Since then, its more focused approach appears to be paying off. Its average daily volumes in Q4 2009 were 86% higher than Q4 2008, against a backdrop of lower activity in the wider marketplace. It will be interesting to see if it can keep up the momentum.

This story was first published on theweeklyFiX, for more details please click here

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