IPC, a leading global provider of secure, compliant communications and networking solutions for the financial markets community, and Hotspot, a leading institutional foreign exchange (FX) market owned and operated by Bats Global Markets, today announced that market participants can now gain secure and reliable access to Hotspot’s marketplace for outright deliverable forwards through IPC’s FX Hub. The announcement was made at the 2016 FIA Futures & Options Expo in Chicago.
The IPC FX Hub supports the global foreign exchange markets through data centres in key markets such as New York, London, Tokyo, Singapore, Moscow, Chicago, Hong Kong, Frankfurt and Zurich – all with connectivity to IPC’s vast community of diverse financial market participants and low latency access via IPC’s dark fibre rings to key FX liquidity providers and dealers. The Hotspot marketplace for outright deliverable forwards operates as an anonymous order book, underpinned by Hotspot’s matching engine located in the NY5 data centre in Secaucus, NJ. The existing Hotspot credit infrastructure will be extended to cater to the new products.
“We are excited that our recently launched marketplace for outright deliverable forwards is a part of the IPC FX Hub and the broader IPC financial ecosystem,” said Bill Goodbody, SVP, Foreign Exchange, Bats Global Markets. “This will empower a larger base of institutional investors, asset managers and sell-side firms to securely and reliably access our platform to trade outright deliverable forwards contracts.”
“Connectivity throughout the trade lifecycle and access to an established ecosystem of diverse counterparties have become indispensable to trading FX derivatives given the increased participation of non-dealer financial institutions such as asset managers, pension funds, hedge funds and regional banks in the asset class,” said David Brown, Senior Vice President and Managing Director, Financial Markets Network, IPC. “We are pleased that our FX Hub solution is empowering market participants to connect to Hotspot’s marketplace for outright deliverable forwards.”
The IPC Financial Markets Network portfolio includes data connectivity solutions consisting of the Connexus Extranet, Connexus Ethernet and Connexus WAN as well as voice solutions consisting of Connexus Voice and Trader Voice services. IPC’s Financial Markets Network interconnects global financial centres and allows access to more than 6,000 market participant locations across 700 cities in more than 60 countries.