Hotspot FX outpaces rivals in February volumes
Hotspot FX – the multi-dealer platform owned by Knight Capital – said average daily FX volume rose 20% month-on-month in February, and was the only trading venue that publicly released data to report positive year-on-year growth.
Hotspot’s monthly reporting statement showed average daily volume (ADV) had increased from $49 billion in January to $59 billion in February. Its total double-counted FX volume over 21 trading days in February was $1.2 trillion.
Of the other FX trading venues that release monthly volume data, Hotspot was the platform to register positive annual volumes growth, with ADV 9% higher than in February 2011.
By comparison, both the CME and Icap reported a 9% fall in volumes year-on-year, while Thomson Reuters reported a 5% drop for February.
As a result, Hotspot said its market share of publicly known spot FX volumes (Icap, Thomson Reuters, CME and Hotspot) reached a record high of 10.1%, up from 9.2% the previous month and 8.8% a year ago.