LONDON & NEW YORK--(BUSINESS WIRE)--Hotspot, a leading institutional foreign exchange (FX) market owned and operated by BATS Global Markets (BATS), today announced plans to eliminate liquidity removal fees for customers in more than 30 select currency pairs, beginning 1st June 2015.
The “Hot List” comprises a broad range of currency pairs that primarily trade in European and Asian time zones, including pairs containing the Russian Ruble, Chinese Renminbi, South African Rand, Turkish Lira and Scandinavian currencies. All new and existing customers of the platform, irrespective of where they are based around the world, and whether they access the New York or London matching engine, will be able to take advantage of this pricing, which will continue at least until year-end 2015.
Bill Goodbody, Jr., Senior Vice President, Foreign Exchange, at BATS said, “The creation of the ‘Hot List’ underscores our commitment to establishing vibrant and deep liquidity to the Hotspot market by bringing meaningful – and long overdue – price competition to the FX industry. Expect to see more pricing and operational innovation from Hotspot on behalf of our customers as we continue to grow.”
Hotspot is planning to further strengthen its presence in the European and Asian markets with the launch of a London matching engine later this year. The London matching engine will target specific currency pairs that are more active in Europe and Asia and will complement Hotspot’s New York-based matching engine to provide customers with two distinct pools of liquidity to drive price formation globally.
Last month, Hotspot announced its offering of free trading in spot gold and silver pairs for all customers as part of its “Free Gold” promotion. As with the “Hot List,” the “Free Gold” program will continue until at least year-end 2015.
Hotspot’s average daily volume in April 2015 was $28.4 billion, up from $25.2 billion in April 2014. Its diverse customer base of more than 220 clients includes banks, market makers, hedge funds and institutions.
BATS acquired Hotspot in March 2015. In addition to Hotspot, BATS Global Markets operates Europe’s largest stock exchange, the continent’s #1 trade reporting facility for equities, the second-largest U.S. stock market, and the fastest-growing U.S. options market. In April, more than 40% of all equity trades executed in Europe touched the BATS exchange or trade reporting systems. BATS executed notional volume of $126.1 billion per day across all of its platforms for the month*.
*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 exchange-traded fund (ETF) and retail-driven liquidity. The company is a listing venue for ETFs and other structured products and 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.