KCG Hotspot culminates an up month for all the major Forex ECNs.

Hotspot FX, now formally known as KCG Hotspot, announced that September forex trading volumes came in at $28.7 billion daily, up slightly (3%) from August’s $28.0 billion. Hotspot’s figures complete our September picture in which all the major Forex ECNs — ICAP EBS, Thomson Reuters (NYSE:TRI), FXall and Hotspot FX — as well as forex futures marketplace CME Group reported an increase in volumes.

However the ‘up’ September is somewhat misleading. Of the group mentioned above, only Hotspot and FXall saw volumes above last year’s levels.

As summer forex volumes are traditionally lower, it is no big deal to claim that ‘September was up’. In a more telling comparison with last year and with the pre-summer period this year, overall Forex ECN volume was down in September.

For the complete KCG press release on September volume metrics click here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.