Bill Goodbody
Bill Goodbody

Hotspot’s London matching engine

In September 2015 Hotspot announced the successful launch of its new London FX matching engine. e-Forex caught up with Bill Goodbody, Head of FX at BATS Global Markets and asked him to tell us a little more about the venture.

First Published: e-Forex Magazine 63 / Product Launch / January, 2016

Bill, why did Hotspot launch this service and who are you targeting with it? Europe is home to more than 50% of currency trading globally and London sits at the heart of FX price discovery. With Hotspot now under the BATS Global Markets umbrella, the timing is ideal to launch into that market centre and leverage what BATS brings to the combination in terms of relationships, infrastructure and support as the operator of Europe’s largest stock exchange, BATS Chi-X Europe, and Europe’s largest trade reporting facility, BXTR.  It remains the case – not unsurprisingly – that some pairs are particularly liquid during Asia and Europe trading. In turn, market participants themselves often differ to those we see in New York.  We want to serve what is a huge portion of the market more competitively and more effectively by opening in London.The matching engine is located in the London Slough Campus data centers. What advantages does that have? It was a very purposeful decision on...continued

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