KCG Hotspot bucks the trend and reports an up October in FX volumes
In October, we saw what we thought was an across the board decrease in institutional FX volumes:
- Thomson Reuters -12%
- FXall -5%
- EBS -5%
- CME Group (FX futures) -22%
EBS and CME’s figures were their lowest volumes reported in several years.
Going against the trend, in a very positive way, is KCG Hotspot, which reported a modest 4% rise in October volume metrics to $29.8 billion per day. That is still well below Hotspot’s June high of $36.9 billion, but on a relative basis they had a much better October than their Forex ECN competitors listed above.
And Hotspot’s volumes this year were 31% above last year. Hotspot is still much smaller than its Forex ECN rivals, but at this pace they might not be for long.