Hotspot FX Reports Growth in Client Activity; Launches New Currencies on System.Business Editors WATCHUNG, N.J.--(BUSINESS WIRE)--July 2, 2001 Hotspot FX, Inc., the leading Electronic Communications Network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. (ECN (Electronic Communications Network) A computerized, private financial trading system. Terra Nova Trading (www.terranovatrading.com) and Instinet (www.instinet.com) are examples. ) for the foreign exchange markets, today announced significant trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. increases since it launched in February. Responding to that high level of activity, the company launched live trading for two additional currencies on the system: the Australian and Canadian dollars. In addition to the Australian and Canadian dollars, Hotspot FX offers live, active trading of the currency pairs: Euro/U.S. Dollar (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), British Pound/USD, USD/Japanese Yen, and Swiss Franc/USD. "Since its launch three months ago, trading activity on the Hotspot FX ECN has increased by over 100 percent each month," said David Ogg, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hotspot FX. "With the launch of these new currencies, we expect to see continued, rapid growth in trading volumes and client participation over the coming months." Hotspot FX empowers financial institutions, corporations, hedge funds and individual investors to trade anonymously on a 24-hour basis in a foreign exchange auction market. Currency traders enjoy a cost-effective, anonymous trading Anonymous Trading Visible bids and offers on the market without the identity of the bidder and seller being revealed. Notes: Anonymous trades allow the high profile investors to execute transactions without the scrutiny and speculation of the market. venue that eliminates spreads and middlemen. "Many Hotspot FX users have commented that they have noticed significant savings compared to dealing with other online currency platforms where they are forced to pay wider spreads," Mr. Ogg added. "Because clients can input, and act on, bids and offers, they are able to earn a spread on Hotspot FX's system. That is only possible on an ECN, where clients are able to trade on bids and offers and have access to the depth of market. We look forward to adding new products and services to the system that our clients request." About Hotspot FX Selected as one of FutureBanker Magazine's "25 Top Technology Deals of 2000", and named as a winner by Global Finance in the category of "Best Independent On-line FX Systems", Hotspot FX was founded in January 2000 by a team of senior foreign exchange managers from major international banks. The Company is privately held and venture-backed by the ETF ETF See Exchange Traded Fund. ETF See exchange-traded fund (ETF). Group and renowned currency trader, Joe Lewis. Hotspot FX is leading the evolution of currency trading and electronic matching services that empower market advantage through full, anonymous currency market access. Managed by foreign exchange industry leaders, Hotspot FX was created to benefit the currency-trading participant. Clients using Hotspot FX's Internet-based ECN have access to a wide range of products and services for foreign exchange trading Foreign Exchange Trading or FX Trading, clients are able to hedge against, or speculate upon, changes in the exchange rate of two currencies. For example, a speculator can long EUR/USD in foreign exchange market in order to profit from capturing the appreciation of Euro against the , including high-level research, charting and live news feeds. For more information, visit the company's website at www.hotspotfx.com. |
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