The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

FX market round-up: Eley departs suddenly from Hotspot FX

The abrupt departure of John Eley from Hotspot FX has set tongues wagging across the foreign exchange markets. News that Eley had relinquished his post as president and chief executive was announced in a bland release issued by Hotspot’s new parent, Knight Capital, on 10 August. A week later, Eley was still listed on Hotspot’s website as being in his previous position, suggesting his departure was not one that was part of a considered strategic thinking process.

Naturally the management change has led to gossip; one active hedge fund manager joked that Hotspot might as well be rebranded as “Wetspot”.

Talk is that the site has lost some of its liquidity support and that its volumes are falling. Knight does not yet provide any breakdown of Hotspot’s turnover but a spokeswoman says it has been adding new clients at a “slightly faster pace this year than in 2005”.

The company also said, in response to market reaction following Eley’s departure: “We are proud of our Hotspot employees and technology, and we are committed to the ECN-based platform – the right model for the future. The electronic foreign exchange trading market place holds tremendous opportunity, and we look forward to maximizing Hotspot’s potential.”

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree