LeapRate Exclusive… LeapRate has learned that Forex ECN Hotspot FX, a unit of Bats Global Markets Inc (BATS:BATS), had its best day ever on the day after the US elections last week.
Volumes at Hotspot FX, which average in the $25 billion per day range, hit a record $64.5 billion on Wednesday November 9. Post-US election day trading saw wild swings in both currency and equity markets, which began with Far East and European markets down 5% in response to Trump’s surprise victory, but ended with a huge reversal and US indices up 1-2%. Currencies as well were all over the map.
Hotspot’s previous best ever day was ‘Black Thursday’ January 15, 2015, the day of the Swiss Franc 20% spike, at $61.7 billion. In third place now was this past June 24, post-Brexit vote day, when volumes at Hotspot FX topped $59.5 billion.
Hotspot competitor FastMatch had its second best ever day on November 9, at $38.0 billion. FastMatch, which normally sees volumes in the $13 billion ADV range, had its top volumes day on June 24 (post Brexit day) at $39.8 billion.
Hotspot FX parent company Bats recently agreed to be acquired by CBOE Holdings, Inc. (NASDAQ: CBOE) for $3.2 billion. The transaction is expected to close in the first half of 2017.