Hotspot FX

Institutional FX Trading Platformhotspotfx.com

Cboe FX (formerly Hotspot FX) is the institutional foreign exchange ECN of Cboe Exchange, Inc., providing spot and NDF liquidity with anonymous and disclosed execution to global banks, hedge funds, asset managers, and corporate treasuries on a transaction-fee basis.

Company typePublic
Founded2000
HeadquartersJersey City, United States
Headcount101–250
GTM typeB2B
OfferingSoftware

What Hotspot FX does

Hotspot FX operates as Cboe FX, the foreign exchange ECN sub-brand of Cboe Exchange, Inc. (NASDAQ: CBOE). The platform provides electronic spot FX and Non-Deliverable Forward (NDF) liquidity to global institutional customers — including banks, hedge funds, asset managers, and corporate treasuries — with both disclosed and anonymous execution options, tailored reporting, and enhanced liquidity management tools. Underlying technology emphasizes low-latency matching, with a reported 7ms median response time, a 93% non-firm daily fill rate across New York and London, and a 30-day average daily volume of $59.9B (95% anonymous share), including $23B of firm liquidity representing 54% of ECN total.

The business model is transaction-fee based: Cboe FX earns exchange-style fees on FX spot and NDF trades executed through the platform. The go-to-market is enterprise field sales targeting institutional FX desks globally, supported by the parent Cboe's broader market structure and events such as the Risk Management Conference and RMC Workshop. Cboe FX is incorporated in Delaware, USA, with operational presence in North America (USA) and Europe (UK), and is positioned within Cboe's global multi-asset franchise that also spans equities, options, futures, treasuries, and digital-asset derivatives.

Hotspot FX firmographics

Firmographics

Name: Hotspot FX
Legal name: Cboe Exchange, Inc.
Website: https://hotspotfx.com
Company type: Public
Founded year: 2000
Operating status: Operating
Headcount range: 101–250 employees
Short description: Cboe FX (formerly Hotspot FX) is the institutional foreign exchange ECN of Cboe Exchange, Inc., providing spot and NDF liquidity with anonymous and disclosed execution to global banks, hedge funds, asset managers, and corporate treasuries on a transaction-fee basis.
Ownership category
akta.pro rank

Hotspot FX industry classification

Industry

Product category: Institutional FX Trading Platform
NAICS: Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (523210)
SIC: Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
akta.pro primary industry: Interdealer FX Electronic Communication Networks (ECNs) (FSAFADAA)
akta.pro secondary industries: FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC), Non-Deliverable Forward (NDF) Trading Venues (FSAFADAE)

Keywords

Institutional FX trading
Spot foreign exchange
Non-deliverable forwards
ECN liquidity venue
FX trading platform

Where Hotspot FX is headquartered

Location

Headquarters

HQ city: Jersey City
HQ country: United States
HQ region: North America

Markets served

Hotspot FX business model

Business model

GTM type: B2B
Offering type: Software
Cost components: Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

FX Trading Transaction Fees: Exchange-style transaction fees on FX spot and NDF trades executed through the platform

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Hotspot FX product offering

Product offering

Core offering

Hotspot FX operates an institutional electronic foreign exchange trading platform providing spot and non-deliverable forward (NDF) liquidity through an ECN marketplace structure. The platform offers both disclosed and anonymous execution options, enhanced liquidity management tools, and tailored reporting for global institutional FX customers.

Differentiator

Problem solved

Functional benefit

Brands

Hotspot FX: Cboe's flagship electronic foreign exchange trading platform providing spot and non-deliverable forward liquidity to institutional customers.

Products and services

Spot FX Trading Electronic spot foreign exchange trading venue providing institutional clients with deep liquidity pools, anonymous and disclosed execution options, and tailored reporting for FX spot trading strategies.
Non-Deliverable Forward (NDF) Trading NDF liquidity provision for restricted or emerging market currencies, enabling institutional clients to hedge or take exposure in currencies where physical delivery is not permitted.

Quantifiable outcome

7ms Non-Firm Daily Median Response Time
+2 more outcomes

Companies that use Hotspot FX

Customer profile

Segments1 record

Ideal customer profiles1 record

Hotspot FX technology and API

Technology

Technology focussed Yes

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature5 records

Hotspot FX partnerships and signals

Strategic signal

Scale indicators7 records

Recent moves3 records

Expansion highlights4 records

Hotspot FX competitors and assessment

Company assessment

Broad incumbents

CME Group: Operates EBS (FX ECN) plus futures and options exchanges. A broad incumbent whose EBS unit directly competes with Hotspot; Cboe's multi-asset positioning mirrors CME's diversified exchange model.
LSEG (London Stock Exchange Group): Owns Refinitiv and the FXall platform alongside its exchange and data franchises. A broad incumbent comparable to Cboe, with FX ECN and data assets that overlap with Hotspot's institutional customer base.
Deutsche Börse: Multi-asset exchange operator owning 360T FX and Eurex. Comparable to Cboe as a broad incumbent; its FX franchise (360T) competes directly with Hotspot.

Direct peers

EBS (CME Group): Operated by CME Group, EBS is the historical interdealer FX ECN benchmark for spot FX in major pairs. It is the closest direct competitor to Hotspot, offering spot FX matching with institutional liquidity providers globally.
360T (Deutsche Börse): Deutsche Börse's institutional FX trading platform providing spot, forwards, swaps and NDFs to global banks, corporates and buy-side firms. A direct competitor in the same multibank/institutional FX execution space as Hotspot.
LMAX Exchange: Regulated multilateral trading facility for FX with central limit order book matching. Competes with Hotspot for institutional and professional FX ECN flow, especially in London.
Integral (OCX): FX ECN technology provider running the OCX matching engine. Provides institutional spot FX ECN services similar to Hotspot, with focus on workflow automation and price aggregation for banks and brokers.
Euronext FX (FastMatch): FX ECN operated by Euronext following its acquisition of FastMatch. Offers anonymous FX matching with a focus on low-latency institutional execution, directly comparable to Hotspot's ECN model.
Refinitiv FXall (LSEG): LSEG-owned institutional FX trading platform that serves banks, asset managers and corporates with spot, forwards, swaps and NDFs. Competes head-to-head with Hotspot for the same institutional FX ECN and multibank workflow.

Emerging players

TraditionDATA: Interdealer broker operating hybrid voice/electronic FX broking across spot, forwards, swaps and NDFs. Overlaps with Hotspot's institutional FX customer base while complementing rather than directly substituting for the ECN model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Hotspot FX financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Hotspot FX leadership team

Management profile

Number of profiles

Hotspot FX funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Hotspot FX M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hotspot FX

What does Hotspot FX do?

Is Hotspot FX a public or private company?

Hotspot FX is a public company. It is classified as public and is currently operating.

When was Hotspot FX founded?

Hotspot FX was founded in 2000. It employs 101 to 250 people.

Where is Hotspot FX based?

Hotspot FX is headquartered in Jersey City, United States, in the North America region.

How does Hotspot FX make money?

One revenue line is on record: FX Trading Transaction Fees.

Who are Hotspot FX's main competitors?

Broad incumbents on record are CME Group, LSEG (London Stock Exchange Group) and Deutsche Börse. Direct peers are EBS (CME Group), 360T (Deutsche Börse), LMAX Exchange, Integral (OCX), Euronext FX (FastMatch) and Refinitiv FXall (LSEG). TraditionDATA is listed as an emerging player.

Does Hotspot FX have an API?

No public API is recorded for Hotspot FX.

What industry is Hotspot FX in?

Hotspot FX's product category is Institutional FX Trading Platform. Its primary akta.pro industry code is FSAFADAA, Interdealer FX Electronic Communication Networks (ECNs), with a secondary code of FSAFANAC, FX Electronic Trading Platforms (Spot/Forwards/Swaps). Its NAICS code is 5231 and its SIC code is 6200.