According to an announcement made by one of the leading institutional foreign exchange marketplaces, Hotspot FX, which is now fully owned and operated by BATS Global Markets, the company is going to expand its presence in Europe with the launch of its first Europe-based FX matching engine in London this year.
The President of BATS Global Markets, Chris Concannon, said in the company’s announcement, “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.”
Mr. Concannon mentioned that according to research by Aite Group, the venue is home to more than 50% of currency trading globally. He will be appointed as CEO of BATS Global Markets on the 31st of March, succeeding Joe Ratterman.
“BATS already operates Europe’s largest equities exchange and we have similar ambitions for Hotspot in FX,” Mr. Concannon added.
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BATS Global Markets will locate its new matching engine in the London Slough Campus data centers in the Equinix LD4.
The newly appointed Senior Vice President of BATS Foreign Exchange, Bill Goodbody Jr., said in the announcement, “We plan to move swiftly with this project to meet the demand from European customers. Throughout this process, our customers can expect the same high level of service and performance they’ve come to know from Hotspot.”
Mr. Goodbody has been business manager of Hotspot since 2008.
Hotspot, which was acquired by BATS on the 13th March, will continue to operate its matching engine in the New York area. The London matching engine will target Europe and Asia and specific FX currencies that dominate the European and Asian trading hours.