FX round-up: Does Hotspot takeover signal consolidation?
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Foreign Exchange

FX round-up: Does Hotspot takeover signal consolidation?

Rumours had been swirling around about the fate of ECN Hotspot for weeks. Many commented that with legendary billionaire currency speculator Joe Lewis as one of its backers, Hotspot was unlikely to be experiencing a cash crunch. Nonetheless, its present owners have seen fit to accept an all-cash bid of about $77.5 million for the business from Knight Capital Group. The close of the transaction is subject to receipt of appropriate regulatory approval and is expected to be completed within 90 days of its announcement on January 24.

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