Since completing its acquisition of Hotspot institutional foreign-exchange (FX) market earlier this month, BATS Global Markets officials have not let the grass grow under their feet.
The global exchange operator plans to deploy an instance of its Hotspot matching engine in its Slough facilities later this year.
“We plan to move swiftly with this project to meet the demand from European customers,” said Bill Goodbody, senior vice president, foreign exchange at BATS.
The new matching engine will target the currencies that dominate trading during European and Asian market hours while the original matching engine, which is based in northern New Jersey, will continue to support the North American FX market.
BATS has no immediate plans to deploy a third instance of the Hotspot matching engine specifically for the Asian markets.
“We’re focussing on getting Europe really motoring, and then we’ll look to other regions,” said a BATS spokesperson.
BATS first announced its planned $365 million acquisition of Hotspot from KCG Holdings on January 28 and completed the deal on March 13.