Hotspot FX is a company that pioneered Forex trading electronically. Hotspot FX LLC is a wholly owned subsidiary of Hotspot FX Holdings, Inc. Hotspot FX Holdings, Inc. is a subsidiary of Knight Capital Group, Inc. Hotspot FX Holdings, Inc.'s main office is in Jersey City, New Jersey. It maintains offices in Chicago, London, and Singapore as well.
The company describes itself as “innovating” the ECN [Electronic Communication Network] model for institutional foreign exchange trading. What this provides to buy-side traders is centralized price discovery, and fully transparent, executable, neutral, real-time multibank prices. Its applications include full depth-of-market view, which enables investors to see all bids and offers in the market; to trade instantly and anonymously on live prices and enter bids and offers to better their execution price; and a suite of real-time and historical multibank market data, which enables institutions to analyze and benchmark their FX trade executions.
The Hotspot FX website seems to place great emphasis on institutional Forex trading and any evidence of a retail option is less than obvious. In fact, Hotspot FX sold off its retail division to FXCM and, as February 13, 2009, has ceased offering retail Forex trading services to its customers.
Its institutional trading platform, Hotspot FX appears to be proprietary and offers the following features:
Automated order execution. That means all deals on Hotspot FX are executed electronically without any dealer involvement or a dealing desk. Although re-quotes are common in traditional spread trading, Hotspot FX does not re-quote and strives to fill trades at the price shown on the screen. Every trader that uses Hotspot FX has the option of being a market maker. That enables one to enter one’s own bids and offers into the platform either inside or outside the spread.
This website and the company behind it have evolved into an institutional Forex trader/broker. Hotspot FX appears to serve the needs of the institutional Forex community quite adequately.
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