Bats Global snaps up Hotspot as it moves into FX
Stock exchange operator acquires FX platform
Bats Global Markets has snapped up institutional FX trading platform Hotspot for $365 million in a deal that will see the stock exchange operator expand into currency trading.
The deal, expected to close in the first half of 2015, comes shortly after Bats hired Chris Concannon as president, from Virtu Financial.
Concannon was seen as the driving force behind Virtu's rise to become a major player in currency trading and his appointment signalled that Bats had ambitions to expand into other asset
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