Hotspot FX
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
Where Hotspot FX is headquartered
LocationHeadquarters
- 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 offeringCore 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 profileSegments1 record
Ideal customer profiles1 record
Hotspot FX technology and API
TechnologyTechnology 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 signalScale indicators7 records
Recent moves3 records
Expansion highlights4 records
Hotspot FX competitors and assessment
Company assessmentBroad 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 social profiles
Digital presenceHotspot FX financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hotspot FX leadership team
Management profileNumber of profiles
Hotspot FX funding detail
Funding detailFunding 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 investmentM&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?
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.
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.