Online trading platform Hotspot FXi has added Bear Stearns as a prime broker and market maker on its institutional foreign exchange (FX) electronic communications network (ECN).
Bear Stearns joins four other financial institutions currently providing prime brokerage services to customers using the Hotspot FXi.
Hotspot FXi combines anonymous trading on an ECN with clearing and delivery services that have traditionally been done by banks.
The ECN enables clients to see the depth of market for all of the major currencies and offers an application programming interface that provides real-time programmatic execution capabilities and straight-through processing.
Ross Taylor, senior managing director at Bear Stearns, says Hotspot FXi "serves as another way we can offer our clients a transparent marketplace for foreign exchange".