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Foreign Exchange

Hotspot FX volumes flat in March; market share rises

Hotspot FX, the multi-dealer platform owned by Knight Capital, reported a slight fall in volumes in March, but still posted a record market share among publicly reported spot FX volumes.

Mirroring results at other platforms, Hotspot’s monthly reporting statement showed average daily volume (ADV) eased 0.7% to $58.9 billion in March from $59.3 billion in February. Its total double-counted volume during 22 trading days in March was $1.295 trillion.

However, Hotspot was the only venue that reported volumes to show annual growth on both a monthly and a quarterly basis, with ADV growing by 7.3% versus March 2012 and by 1.1% versus the first quarter of 2011.

By comparison, volumes at CME were down 7% versus March last year and down 12% versus the first quarter of last year, with volumes at Reuters down 9% and 9% respectively, and volumes at EBS 22% lower and down 19%.

As a result, Hotspot’s market share among those reporting venues rose to 10.2% in March and to 9.8% in the first quarter of 2012, both their highest levels to date.

 Source: Hotspot FX
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