Following the completion of the merger between Knight Capital Group and Getco, the combined KCG has reported their first monthly volume reports for their equities, fixed income, and spot FX divisions. In FX, KCG Hotspot average daily volumes fell 22.5% to $28.6 billion from a record $36.9 billion in July. The figures compare to volumes from major ECN and trading venues which also reported double digit declines for July. The decline in volumes back below $30 billion marked the ECN platforms lowest level of activity since March’s $26.4 billion figure.
KCG Hotspot was off to a great start for 2013, as the venue achieved monthly and quarterly records during the first half of the year and averaged over $30 billion of daily volumes. Since Knight became the target of a takeover last year, there has been speculation on whether Hotspot would be sold as the combined firms focused on their equity market making businesses. However, KCG apparently has no imminent plans of a sale of Hotspot as the unit was part of the firm’s rebranding in July.
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