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Will Hotspot FX soon have a new owner?
Hotspot FX reported that volumes in its Forex ECN system fell in December to average $19.6 billion daily, down 9% from November’s $21.6 billion — but up 2% from last-year December’s $19.2 billion. The numbers basically match what we already reported for the overall FX industry, with our Retail FX Volume Index sponsored by Leverate being down 5% for the month.
What’s been interesting most of our readers though, it seems, is the future of Hotspot FX since parent company Knight Capital accepted a buyout offer from rival Getco in December. It seems as though privately-held Getco is interested mainly (if not solely) in Knight’s central equities business, and as such a sale of Hotspot FX is a quite logical way to finance part of the purchase price.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.