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Foreign Exchange

Hotspot volumes up 8.1% in September, Q3 growth lags rivals

Hotspot FX, the multi-dealer platform, owned by Knight Capital Group, said month-on-month average daily volumes rose 8.1% in September.

The platform said a total volume of $1,499.2 billion was traded last month corresponding to an average daily volume of $68.2 billion, an increase of 101.8% versus September 2010. Overall, ADV for the 3rd quarter was $64.5 billion, 2.4% higher than the previous quarter. Hotspot double counts overall volume. In reviewing trading volumes across other major multi-dealer exchanges that publicly disclosed data, Hotspot’s quarterly growth was below its major rivals. CME and Reuters reported ADV quarterly growth of 8%, while EBS reported quarterly growth of 10%.

Still, the company said September year-on-year growth since 2010 of 98% continues to outpace other platforms. In terms of market share of publicly reported spot FX volumes, Hotspot accounted for 8.5% of total trading volume in the 3rd quarter of 2011, compared with 5.8% over the same period in 2010.

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