JERSEY CITY, N.J. and LONDON, Feb. 15, 2011 /PRNewswire/ -- Knight Capital Group, Inc. (NYSE Euronext: KCG) today announced that Hotspot FX added SEB, a leading Nordic financial services group, as a prime broker on its institutional foreign exchange ECN.
"We are pleased that SEB has joined the Hotspot FX platform and is making our FX ECN available to their growing list of prime brokerage clients," said Zoran Mavrinac, Managing Director responsible for Hotspot's bank relationships, including market making and prime brokerage. "The addition of SEB complements our existing prime broker participants by giving Hotspot greater exposure in the northern and eastern European markets where SEB excels. We look forward to working closely with SEB to grow our respective businesses together and to demonstrate the value of the Hotspot FX marketplace to SEB's clients."
Clients can access Hotspot FX by establishing a prime brokerage relationship with SEB, or with one of the more than 25 prime brokers on the platform. Hotspot FX employs a multiple prime broker credit model offering flexible means of access, including Java and FIX API, as well as a comprehensive array of order types and FX algorithms. Hotspot FX's ECN marketplace allows a diverse and expanding client base to access deep liquidity in 60 currency pairs plus gold and silver with speed, competitive pricing, full depth-of-book transparency and complete anonymity.
"We welcome Hotspot FX as a new choice for SEB's prime broker clients," said Noel Singh, Head of Prime Brokerage at SEB. "Hotspot represents a valuable alternative FX marketplace for institutions looking for transparency, unique liquidity and a robust platform. We look forward to continually expanding our offering across asset classes and borders where we can add the greatest value to SEB's clients."
Hotspot FX's addition of SEB as a prime broker is just the latest development for the platform, which experienced strong client and volume growth in 2010. Average daily volume increased nearly 62% in 2010 compared to 2009, and in January 2011, Hotspot recorded record ADV of $55.6 billion and total volume of $1.17 trillion. Hotspot FX now has more than 600 user clients, up approximately 32% in 12 months. Hotspot FX also is ramping up expansion efforts in Asia and in Europe, where it recently appointed David Sellers to lead European sales.
Hotspot FX, LLC is a subsidiary of Knight Capital Group, Inc. Hotspot FX in Europe is a division of Knight Capital Europe Limited.
Knight Capital Group (NYSE Euronext: KCG) is a global financial services firm that provides access to the capital markets across multiple asset classes to a broad network of clients, including buy- and sell-side firms, and corporations. Knight is headquartered in Jersey City, N.J. with a growing global presence across the Americas, Europe, and the Asia Pacific region. For further information about Knight, please visit www.knight.com.
SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in 20 countries worldwide. On 31 December 2010, the Group's total assets amounted to SEK 2,180bn while its assets under management totalled SEK 1,399bn. The Group has about 17,000 employees, excluding the German retail operations. Read more about SEB at www.sebgroup.com.
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SOURCE Knight Capital Group, Inc.