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Foreign Exchange

Hotspot FX outpaces rivals in October

Hotspot FX, the multi-dealer platform owned by Knight Capital Group, said month-on-month average daily volumes rose 0.2%, a relatively strong performance in a month when other trading venues reported a significant drop in trading volumes.

 

A total volume of $1,433.9 billion changed hands in October, corresponding to an average daily volume of $68.3 billion, the company said in its latest monthly trading report. Total volume traded on HotspotFX has increased 54.5% versus October 2010. Hotspot double counts its turnover, whereas its rivals do not. The platform said it also experienced its highest market share performance in October 2011, accounting for 9.5% of publicly reported volume – up from 8.7% the previous month.

In reviewing FX trading volumes across other major multi-dealer exchanges that publicly disclose data, Hotspot outperformed its rivals in October. The platform managed to maintain record trading volumes experienced in September at a time when other trading venues have all reported a drop off in volumes.

CME and ICE were the worst performers reporting a monthly decline in FX trading volumes by 15% and 32% respectively.

ICAP’s EBS platform, and Reuters reported month-on-month declines of 7% and 12% respectively.


 
 Source: Hotspot FX, Knight Capital Group
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