Customers Can Now Leverage IPC for Secure, Reliable Connectivity to Leading Institutional FX Market
NEW YORK and LONDON – May 24, 2016 – Hotspot, a leading institutional foreign exchange (FX) market owned and operated by Bats Global Markets, and IPC Systems, Inc., a leading global provider of specialized communications and managed network-as-a-service solutions for the financial trading community, today announced that IPC is now a connectivity provider to Hotspot, enabling IPC’s diverse ecosystem of buy-side and sell-side clients to gain access to the Hotspot market.
Hotspot brings the powerful benefits of an independent, transparent ECN marketplace structure to institutional foreign exchange trading. Hotspot’s ECN model provides increased market transparency and greater control of the trading process, enabling better trade execution and lower transaction costs.
“We’re pleased to partner with industry providers like IPC to allow our members maximum flexibility and connectivity efficiencies in accessing our market,” said Bill Goodbody, Jr., Senior Vice President and Head of FX at Bats. “We strive to provide our customers with connectivity choice and we are pleased to have IPC on board as a partner, providing more customers access to the strong liquidity on Hotspot.”
“Connectivity is a critical element for institutional FX investors to source liquidity, trade effectively, achieve best execution, and mitigate risk,” said David Brown, Senior Vice President and Managing Director, Financial Markets Network, IPC. “We welcome Hotspot to our global FX Hub and are thrilled to connect FX market participants to them through our reliable and secure financial markets private cloud.”
The IPC Financial Markets Network service portfolio includes the Connexus Financial Extranet, Direct Connect and MPLS WAN data services, as well as Trader and Enhanced Voice connectivity services. IPC’s Financial Markets Network interconnects global financial centers and allows access to more than 6,000 market participant locations across 700 cities in more than 60 countries.
Hotspot’s average daily volume (ADV) in April 2016 was $25.6 billion and total trading volume was $537.4 billion. The company’s diverse customer base is comprised of more than 220 clients including banks, market makers, hedge funds and various institutions. Additional information is available at hotspotfx.com.
Bats Global Markets, Inc., is a leading operator of exchanges and services for financial markets around the world with a stated mission of Making Markets Better. Bats operates the largest equities exchange in Europe and the continent’s largest trade reporting facility. In the U.S., Bats operates four stock exchanges, which taken together constitute the largest market for ETF trading and the second-largest equities market in the country. Bats also operates two U.S. options markets. Bats owns Hotspot, a leading institutional spot foreign exchange market, and ETF.com, a leading provider of ETF news, data and analysis. The company is headquartered in Kansas City with offices in New York, London, Chicago and Singapore. Visit bats.com and @BatsGlobal for more information.
IPC is a technology and service leader that powers financial markets globally. We help clients anticipate change and solve problems, setting the standard with industry expertise, exceptional service and comprehensive technology. With customers first and always, we collaborate with each to understand their individual needs to help make them secure, productive and compliant within our connected community. Through service excellence, long-developed expertise and a focus on innovation and community, we provide agile and efficient ways for our customers to accelerate their ability to adapt to the ever–changing requirements for advanced data networks, compliance and collaboration with all counter-parties across the financial markets. www.ipc.com