Hotspot, the foreign exchange trading electronic communications network of BATS Global Markets, has reported on the final outcome during the month of November for the unit. The US election has caused a substantial spike in trading volumes at the venue, but it wasn’t enough to surpass the company’s performance in February 2016.
Total trading volumes for November amounted to $668.2 billion, which is an increase of 25 percent when compared to the previous month and a 42 percent rise when compared to the same month of 2015.
Hotspot’s average daily volumes numbers amounted to $30.4 billion with the figures rising 20 percent month-on-month and almost 36 percent year-on-year.
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The figures are strong and the company is showing steady growth when compared to last year’s numbers. The foreign exchange trading venue is so far reporting a second half of the year that is materially stronger than last year’s numbers, with the average trading volume for the past five months surpassing 2015 by about 8.5 percent.
The election of Donald Trump has substantially boosted sentiment across the industry with the majority of the companies attending the London Summit expecting the raft of volatility that started in November to spread into next year. With the appointment of a new treasury secretary from Goldman Sachs, the hopes for a radical reform of the Dodd Frank Act are also rising fast.
The industry is looking towards a brighter future, however the challenges for Trump’s administration are just about to start, as the fiscal deficit of the US is at record levels and the US dollar strength that we have seen in recent weeks is starting to run out of steam.