Traders looking to connect to Hotspot, the foreign exchange market owned and operated by Bats Global Markets, now have a new option. Communications networking provider IPC is now connecting to Hotspot, enabling IPCs buyside and sellside clients to access the Hotspot market.
Hotspot provides an independent, transparent ECN marketplace structure to institutional foreign exchange trading, according to company claims. Hotspots average daily volume (ADV) in April 2016 was $25.6 billion and total trading volume was $537.4 billion.
Were pleased to partner with industry providers like IPC to allow our members maximum flexibility and connectivity efficiencies in accessing our market, said Bill Goodbody, Jr., senior vice president and head of FX at Bats. We strive to provide our customers with connectivity choice and we are pleased to have IPC on board as a partner, providing more customers access to the strong liquidity on Hotspot.
Connectivity is a critical element for institutional FX investors to source liquidity, trade effectively, achieve best execution, and mitigate risk, said David Brown, senior vice president and managing director, Financial Markets Network, IPC. We welcome Hotspot to our global FX Hub and are thrilled to connect FX market participants to them through our reliable and secure financial markets private cloud.
IPCs Financial Markets Network interconnects global financial centers and allows access to more than 6,000 market participant locations across 700 cities in more than 60 countries, according to company claims.