Continuum a product within CQG that provides trade execution and data distribution services has expanded the asset classes traders can execute as it partners with KCG Hotspot to offer currencies trade execution. The partnership with one of the world’s largest ECNs means that participants using CQG will be integrated to both foreign exchange market data delivery and low-latency order routing to the ECN using CQG’s robust infrastructure.
Through the partnership with KCG Hotspot, CQG adds foreign exchange to its offering of tradable asset classes. Currencies will be available to both Customers using CQG Integrated Client or CQG Trader, as well as those who have written to third party applications via CQG’s suite of API product.
CQG’s Continuum solution has been enhancing its connectivity to various trading platforms and systems including; AlgoFast and MultiCharts. With the wider acceptance of FX among the financial trading community, KCG Hotspot’s position as a leading player in the FX markets was an obvious choice for CQG.
In a comment to Forex Magnates, Mike Glista, CQG’s Director of Order Routing and Vice President of Continuum spoke about the partnership: “CQG and Continuum continue to bring innovative functionality and tools to the trader. Considering the diversity of our customer base, partnership with KCG Hotspot was an easy choice for us. With data feeds specific to different customer types, we are able to continue expanding both the range of asset classes covered by our hosted solution and the capability of our APIs.”
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KCG Hotspot offers a sophisticated product whereby users have access to over sixty currency pairs with depth of book transparency and tight spreads of 1/10th pip. Among CQG’s core products is exchange connectivity a product used by FCM’s, the partnership between KCG Hotspot and CQG adds CQG’s traders to Hotspot’s diverse liquidity base of banks, institutions, hedge funds, high frequency traders, corporations, and CTAs.
“Our KCG Hotspot integration is a powerful example of CQG’s ability to leverage Continuum APIs to make strategic additions to our product,” added Mr Glista. “Through this partnership, we’ve made an entire asset class available to our trading customers, while also contributing to the liquidity base of the Hotspot FX product itself – a clear win-win.”
KCG Hotspot is the by product of one of the largest mergers in the proprietary trading sector, between Knight Capital and Getco. KCG Hotspot’s partnership with CQG is the first post merger and gives positive sentiment to the marketplace.
“The foreign exchange market is large, liquid, and technologically-advanced,” said John Miesner, Managing Director and Head of Global Sales, KCG Hotspot in the official press briefing. “We’re pleased to partner with CQG, providing access to our robust market data, liquidity and existing client base, which consists of a diverse array of market participants.”
KCG Hotspot continued the upbeat trend of vibrant trading volumes for the month of June, the ECN recorded average daily trade volume at $37 billion.