NEW YORK & LONDON--(BUSINESS WIRE)--Hotspot, a leading institutional foreign exchange (FX) market owned and operated by BATS Global Markets (BATS), today announced the successful migration of its U.S. matching engine to the Equinix NY5 data center on Monday, November 9th.
The migration was completed without incident with Hotspot’s U.S. matching engine handling more than $106 billion in notional value and 1.4 billion orders in the first week of trading. More than 99% of active Hotspot customers have traded in the new U.S. location.
The Equinix NY5 data center houses all of BATS’ U.S. markets including its four equity exchanges – EDGA, EDGX, BYX, BZX – and its two options markets – BZX Options and EDGX Options. The Hotspot U.S. matching engine was previously located in Jersey City, New Jersey.
“Since January 2015, we have either migrated or built-from-scratch eight of the ten markets BATS operates around the world, and Hotspot’s move to the NY5 data center is the latest to switch,” said Chris Isaacson, Executive Vice President and Global Chief Information Officer at BATS. “The ability to execute these major integration projects seamlessly is a testament to the incredible strength and talent of the BATS team.”
Bill Goodbody, Jr., Senior Vice President and Head of FX at BATS, added: “The migration of Hotspot’s U.S. matching engine was the next step in an aggressive expansion plan we’ve implemented since the acquisition of Hotspot by BATS earlier this year. Alongside a fully-operational London-area matching engine, Hotspot’s market-leading technology is now even stronger and we’re moving into 2016 ideally positioned to compete with the largest of the FX trading platforms.”
The London-area matching engine launched on September 14, 2015 to target specific FX currency pairs that dominate the European and Asian trading hours. Average daily volume (ADV) on Hotspot London over the past 10 trading days was approximately $500 million, with over $1 billion traded on November 6, 2015.
In October 2015, Hotspot posted ADV of $23.9 billion vs. $26.2 billion in September 2015. Total volume traded on Hotspot in October 2015 was $526.9 billion (22 trading days) vs. $575.9 billion in September 2015 (22 trading days).
In addition to Hotspot, BATS operates Europe’s #1 stock market and trade reporting facility; the second largest U.S. stock market; the largest ETF market globally; and two growing U.S. options markets. BATS executed notional volume of $115.3 billion per day across all of its platforms in October 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 two U.S. equity options markets – BATS BZX Options and BATS EDGX Options. 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.