Hotspot FXi adds precious metals trading

Source: Hotspot FXi

Hotspot FXi, a leading institutional foreign exchange marketplace, will begin trading spot gold and silver to meet demand from clients who want to trade precious metals on an ECN platform.

The new products, which have been trading in soft launch mode since late March, will be launched formally June 10, 2008 at 9:30 a.m. (Eastern).

Precious metals trading on the Hotspot FXi ECN will extend the following benefits to market participants:
  • Streaming liquidity from market maker banks, bank interest only feeds and buy-side market makers.
  • No minimum posting period for bids/offers: Traders can enter, modify and cancel orders at will via front-end or automated trading interfaces.
  • Robust support for passive orders: The participation of high frequency algorithmic traders in the Hotspot FXi precious metals markets are expected to enhance the execution of passive orders entered onto the ECN.
  • Commission-only fee structure: Hotspot FXi does not charge recurring monthly fees for software, screen, terminal, data feeds, etc. This model is optimal for frequent and occasional metals market participants.
  • Instant trade executions: For high-speed traders connected via Hotspot FXi's LiveLink API and FIX gateway, more than 90 percent of trades are executed within five to 10 milliseconds.

    "The client-centric ECN model that we brought to FX trading is well suited to metals trading," said Michael E. Williams, Senior Managing Director, Knight Capital Group, Inc. and Head of Hotspot FX, Inc. "We believe these products will bring transparency, speed and direct access benefits to the precious metals markets."

    In addition to trading via Hotspot FXi, front end and LiveLink interface, the ECN can be accessed by leading trading platforms including Knight Capital Group's Knight Direct EMS, Trading Technologies' X_Trader, GL Trade's Workstation Elite and other workstations, Townsend Analytics' RealTick, Orc Software's Advanced Trading, Portware's Portware FX, Progress Apama's FX Market Aggregation Accelerator and Aegis Software's Athena Trader.
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