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BATS Global Markets acquires Hotspot FX Market

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BATS Global Markets (BATS) has completed its acquisition of Hotspot FX, an institutional foreign exchange (FX) market, from KCG Holdings.

The transaction was announced January 28th and received Hart-Scott-Rodino clearance from the US Department of Justice on 18 February. Hotspot will continue to be led by Bill Goodbody, Jr, who has managed the entity since 2008. He and the rest of the New York-area Hotspot team will be based in the BATS office in lower Manhattan.

BATS CEO Joe Ratterman, says: “Today is a major milestone for BATS as we expand into a truly global asset class, a market whose daily trading of USD5.3 trillion makes it the world’s largest. We welcome the Hotspot team to the BATS family and we look forward to delivering continued outstanding customer service as we grow this already successful business.”

BATS President Chris Concannon, says: “This acquisition marks a new chapter for BATS and we are very pleased with the hard work and dedication of both the BATS and Hotspot associates to successfully and swiftly close this deal. Through our continued innovation, commitment to low costs and customer service and focus on technology excellence, we expect to have a significant impact on the FX market in the years ahead.”

As announced last month, Concannon becomes CEO of BATS Global Markets on 31 March and remains President. Ratterman becomes Chairman after nearly eight years leading the company, a period during which BATS established itself as the largest stock exchange operator in Europe, the second-largest exchange operator in the US and the top market globally for the trading of exchange-traded funds. The company also operates a US options exchange with market share of 9.0% in March (vs 4.1% a year ago).

Hotspot’s average daily volume in the fourth quarter 2014 was USD31.7 billion, an increase of about 20% from the first half of 2014. The company’s diverse customer base includes more than 220 banks, market makers, hedge funds and institutions.

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