LONDON--(BUSINESS WIRE)--Hotspot, a leading institutional foreign exchange (FX) market owned and operated by BATS Global Markets (BATS), today announced plans to incentivise customers by offering free trading for all transactions on its planned London-based matching engine to the end of 2015.
BATS CEO Chris Concannon said, “We remain on track for our 14th September launch of the London matching engine and customer demand is strong. Our announcement today is intended to make clear to our European clients that we will be the most aggressive venue on price while building a market with deep, consistent and stable liquidity.”
“Europe is the leading global FX trading centre and a top priority for Hotspot. As the operator of the Continent’s #1 equities market, BATS intends to achieve similar status for our European FX business.”
In March, Hotspot announced plans to launch the London matching engine to target specific currency pairs that are more active in Europe and attract more participation from Asia. It will complement Hotspot’s New York-area matching engine to give investors two distinct pools of liquidity to drive price formation globally.
The London pricing promotion follows two other previously announced pricing promotions: free gold and silver trading as well as the elimination of liquidity removal fees in more than 30 select currency pairs. Both existing promotions are effective through to the end of 2015.
In addition to Hotspot and Europe’s #1 equities market and trade reporting facility, BATS operates the second-largest U.S. stock market and the fastest-growing U.S. options market. In July, nearly 39% of all equity trades executed in Europe touched the BATS European exchange or trade reporting facility. BATS executed notional volume of $110.5 billion per day across all of its platforms in July 2015.*
*Source: BATS Global Markets data
About BATS Global Markets, Inc.
BATS Global Markets, Inc., a leading global operator of exchanges and services for financial markets, is committed to Making Markets Better for traders, investors and issuers. In Europe, BATS operates the largest pan-European equities exchange, offering trading and listing services across 15 major European markets, as well as BXTR, the continent’s largest trade reporting facility. In the U.S., BATS operates four stock exchanges – BZX, BYX, EDGX and EDGA – and regularly ranks as the top market for ETF and retail-driven liquidity. The company is a listing venue for ETFs and other structured products, also operates a U.S. equity options market, BATS BZX Options, and is launching BATS EDGX Options later in 2015. Globally, BATS serves the foreign exchange (FX) market, the world’s largest asset class, with Hotspot, a leading institutional spot foreign exchange market. With its world-class technology and relentless customer focus, BATS strives to bring efficiency, transparency and fairness to market participants. The company is headquartered in Kansas City with offices in New York, London, Chicago and Singapore. Further information on BATS can be found at www.bats.com and by following us on Twitter @BATSGlobal.