BATS brings Hotspot FX matching engine to London
Hotspot, the institutional foreign exchange market owned and operated by BATS Global Markets, is to expand its European presence with the launch of its first Europe-based FX matching engine later this year.
The new matching engine will be located in the London Slough Campus data centres and will target Europe and Asia and specific FX currencies that dominate the European and Asian trading hours. More than one third of all equity trades executed in Europe touch the BATS exchange or trade reporting systems every day.
Hotspot was acquired by BATS on 13th March, will continue to operate its matching engine in the New York area.
“This project is important for our current – and future – customers as it gives BATS a larger footprint in the leading trading centre in the FX world. As home to more than 50% of currency trading globally, and growing, the European market is a top priority for the Hotspot team,” said BATS president Chris Concannon. “BATS already operates Europe’s largest equities exchange and we have similar ambitions for Hotspot in FX.”
Concannon takes over as chief executive of BATS on 31st March, and remains president. He replaces Joe Ratterman, who becomes chairman after leading the company through growth during his eight years as chief executive.