Hotspot FX management to be replaced by Getco COO


Darren Mast, Getco COO, named Interim Head of Currencies at the merged company.

In what seems like a clear sign that the merged Knight Capital and Getco company will look to sell its Forex ECN division Hotspot FX, Knight Capital announced today that post-merger, the Currencies division (namely, Hotspot FX) will be run an interim basis by Darren Mast, Getco’s COO.

As part of Knight Capital’s wider announcement of who will run which part of the merged company, the Currencies group was assigned an “Interim” head, leading us further to believe that Hotspot FX itself will be interim in the long range plans of the merged entity.

As we have written earlier, based on comparables such as the recent $625 million acquisition of FXall by Thomson Reuters, we estimate that a sale of Hotspot FX could fetch around $150 million. Knight acquired Hotspot FX in 2006 for $77 million.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

 

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Hotspot FX management to be replaced by Getco COO

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