January 2015 turned out to be a very historic month for institutional FX platform Hotspot FX.
After months of speculation, the company was sold for $365 million to BATS Global Markets.
Just prior to the sale, Hotspot saw its best-ever day for trading volumes at $61.7 billion, on Thursday January 15, the day the Swiss National Bank roiled the currency markets with its removal of the EURCHF 1.20 floor.
However overall trading volumes at Hotspot FX were not spectacular in January. The monthly number came in at $34.3 billion ADV, which would have placed as one of the top months of 2014, but not the best. And looking closer at the numbers provided by Hotspot, the last week of the month saw volumes drop off to $28.9 billion daily.
When factoring in the huge bump in volumes ‘SNB Thursday’ and the few trading days which followed provided, we were expecting total volumes for the month to be higher.
