WATCHUNG, N.J. Hotspot FX Inc., an Internet foreign exchange service, opened for live trading on Thursday.
The service offers real-time foreign currency trading on an electronic communications network. It allows banks, corporations, hedge funds, and individual investors to trade anonymously. The company said the anonymous service eliminates spreads and middlemen.
Hotspot FX accommodates multiple bids for each currency provides and instantaneous execution and confirmation.
The company was founded in January 2000 by a team of foreign exchange managers for large banks. It is privately held by ETF Group and Joe Lewis, a currency trader.