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Foreign Exchange

Hotspot FX volume growth outpaces rivals in January

Hotspot FX, the multi-dealer platform owned by Knight Capital, recorded an average daily volume of $49.1 billion in January, a 28% increase over the previous month, though still nearly 12% lower than during the same period a year ago, according to its latest monthly report.

Hotspot, which double-counts its spot FX volume, said the $1,081 billion transacted through the platform in January also coincided with a further increase in market share of publicly reported spot FX volumes. In January, Hotspot’s FX market share grew to 9.2%, up from 8.4% the previous month and 8.6% in January 2011. EURUSD accounted for almost half of all trading volumes, followed by AUDUSD and USDJPY, which made up 11% and 10% respectively. USDJPY overtook GBPUSD, which declined 2%, to become the third most traded currency pair.

Hotspot’s January volume growth appeared to outstrip its rivals year-on-year and month-on-month. CME Group reported volumes were up 2% on the month but down 21% versus a year ago.

Interdealer brokers Reuters and EBS reported monthly increases of 11% and 21% respectively, while both venues’ volumes were lower than they were a year previously. Reuters’ volumes were down 12%, while EBS’ volumes were down by almost a quarter, as lower volatility in the Swiss franc and Japanese yen reduced trading.

 FX volume growth - December 2009 baseline

 Source: Hotspot FX
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