KCG Holdings, Inc. (NYSE: KCG) today announced HotSpot QT, a pure non-displayed crossing venue created by KCG HotSpot to help banks and institutions trade larger spot FX orders with minimal information leakage and market impact.
HotSpot QT is a separate and distinct offering and liquidity pool from the traditional HotSpot FX platform. HotSpot QT allows counterparties to cross larger orders without revealing information to the market pre- or post-trade. The venue supports firm limit orders and high minimum quote sizes. Both bank and non-bank clients such as asset managers and hedge funds may participate on HotSpot QT.
"HotSpot QT is yet another offering from HotSpot that solves specific challenges for our clients, in this case meeting the needs of institutions that trade larger orders and are sensitive to market impact," said William Goodbody, Global Head of Sales for KCG HotSpot. "Volume on HotSpot QT is growing, and we look to onboard more clients in the coming months as more institutions recognize HotSpot QT's superior dark trading experience."
Ten currency pairs are now available to trade through HotSpot QT: EUR/USD, GBP/USD, USD/JPY, AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, USD/CAD, USD/CHF, USD/MXN.