CBOE’s foreign exchange electronic communications network (ECN), Hotspot is adding a new team member in a newly created role at the company. The firm hired Jon Weinberg from UBS to appoint him as Head of FX Liquidity Analysis.
Mr Weinberg comes with extensive experience in the FX industry, having previously worked at BNP Paribas, Morgan Stanley and KCG Holdings. He will be based in London and will report to Bryan Harkins, CBOE’s Head of U.S. Equities and Global FX.
While working at Swiss bank UBS, Mr Weinberg was the Head of Liquidity Management within the FX e-trading group at the bank.
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The new position created at Hotspot entails the gathering and systematization of sophisticated data analytics. The company is aiming to use the data to provide a better trading experience to its clients.
Commenting on the appointment, Bryan Harkins stated: “As we add new functionality and features, and broaden our ambitions for Hotspot, it’s important we match our long record of outstanding client service and support with a rigorous focus on the underlying data.
Jon’s appointment, and the data-driven systems he’s creating, will strengthen what we do best: help clients source liquidity through a premium order matching and liquidity management process.”
In the first quarter of 2017, Hotspot reported an average daily notional value of $28.8 billion in spot FX. The figure was higher by 7.9 percent quarter over quarter. According to the company’s own calculations, Hotspot also increased its market share to 12.9 percent. The company is using data from some firms that publicly report their trading volumes: FastMatch, Hotspot, NEX, Reuters/FXall.