BATS Expands Into FX With Hotspot FX Market
BATS expands into non-equity trading businesses with this move.
The acquisition reflects BATS' commitment to expand into non-equity trading businesses by taking over a company with a customer base of more than 220 banks, market makers, hedge funds and institutions, and who registered $31.7 billion in average daily volume in Q4 2014.
"Hotspot is an innovative foreign exchange leader which will become an important part of our expanding global footprint, and we are excited to welcome their highly-regarded team to BATS Global Markets," says Joe Ratterman, chief executive officer at BATS. "Their FX expertise and reputation, along with our technology excellence and global presence, will make for a powerful combination and enable us to have a meaningful and significant impact on the direction of the FX market in the years to come."
The transaction, which was valued at $365 million, is expected to be closed in the first half of 2015.
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