Hotspot, May 2015

Monthly Statistics – May 2015

1. Volume Snapshot

Hotspot posted an average daily volume (ADV) of $26.8B in May 2015, off 5.9% from April 2015. This represented a 3.4% increase

over May 2014. Hotspot’s market share among publicly reporting spot FX venues slipped to 11.5%, versus 11.7% in the previous

month. Hotspot’s ADV during the past twelve months stands at $30.1B, a 1.3% increase over the prior twelve month period.

May 2015 Statistics (Single-Count, USD):

Hotspot posted an ADV of $26.8 billion (based on 21 trading days).

ADV decreased 5.9% versus April 2015 (April 2015 ADV: $28.4 billion).

ADV increased 3.4% versus May 2014 (May 2014 ADV: $25.9 billion).

Total Volume: $561.9 billion

Monthly Statistics (in $Billions):

USD Value Traded Average Daily Volume (ADV) May 2015 $561.9 $26.8 May 2014 $569.2 $25.9 April 2015 $625.4 $28.4

12-Month Moving Average (in $Billions):

12 Months Ending May 2015 % Change from Prior 12 Months

Hotspot $30.1 +1.3% EBS $103.3 +23.5% Reuters/FXall $119.6 +0.7% Overall Market* $253.0 +9.0%

2. Market Trends

May 2015 Apr 2015 May 2014 12 Month Avg.

Hotspot Market Share* 11.5% 11.7% 12.8% 11.9%

Hotspot’s ADV percentage changes compared to other reporting venues:

% Change in ADV May 2015 vs. Apr 2015 May 2015 vs. May 2014

Hotspot -5.9% +3.4%

EBS -1.0% +30.5%

Reuters/FXall -6.3% +6.6%

Overall Market* -4.1% +14.9%

CME Futures +4.6% +45.3%

Hotspot, May 2015

Sources: Hotspot, CME Group, EBS/ICAP, Reuters/FXall

3. Volume Breakdown

Trading activity in the European session rose 1.4% versus the prior month in May 2015 while Asia saw a 0.5% increase. Volume

during the Americas session declined by 1.9%.

Asia Europe Americas

Volume Percentage May 2015 14.6% 45.2% 40.2%

Volume Percentage April 2015 14.1% 43.8% 42.1%

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Hotspot FX Volume & Market Share2009 - End May 2015

Hotspot ADV Hotspot Mkt Shr (HS, EBS, Reuters)

Hotspot, May 2015

Volume Breakdown

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Hour (EST)

Hotspot Hourly Volume

Apr-15 May-15

Volume by Hour

Hour (EST) May-15 Apr-15

5pm 0.32% 0.21%

6pm 0.92% 0.86%

7pm 1.04% 1.04%

8pm 2.60% 2.84%

9pm 2.46% 2.31%

10pm 1.86% 1.71%

11pm 1.44% 1.25%

12am 1.71% 1.77%

1am 2.23% 2.08%

2am 5.58% 4.52%

3am 7.42% 6.93%

4am 6.37% 6.56%

5am 5.41% 5.36%

6am 5.12% 5.08%

7am 5.10% 5.21%

8am 10.21% 10.18%

9am 9.78% 9.59%

10am 10.94% 10.94%

11am 7.39% 7.54%

12pm 3.50% 3.83%

1pm 2.70% 3.33%

2pm 2.94% 3.45%

3pm 1.82% 2.15%

4pm 1.13% 1.26%

Grand Total 100% 100%

Hotspot, May 2015

The Top Five currency pairs by volume percentage were:

Currency Pair EUR/USD USD/JPY GBP/USD AUD/USD USD/CAD

Percentage 30.1% 15.7% 12.1% 8.6% 6.3%

EST: Asia: 5pm-2am Europe: 2am-9am US: 9am-5pm

Currency Pair Time Zone May-15 Apr-15 Currency Pair Time Zone May-15 Apr-15 EUR/USD Asia 3.16% 2.97% EUR/SEK Asia 0.04% 0.03%

Europe 14.79% 14.93% Europe 1.02% 0.79% US 12.12% 13.53% US 0.50% 0.46%

EUR/USD Total 30.07% 31.42% EUR/SEK Total 1.56% 1.28% USD/JPY Asia 3.68% 3.99% EUR/CHF Asia 0.11% 0.06%

Europe 6.15% 5.83% Europe 0.58% 0.56% US 5.87% 5.81% US 0.48% 0.46%

USD/JPY Total 15.70% 15.63% EUR/CHF Total 1.17% 1.08% GBP/USD Asia 1.13% 0.89% USD/SGD Asia 0.33% 0.34%

Europe 5.98% 5.21% Europe 0.51% 0.48% US 5.01% 4.71% US 0.33% 0.34%

GBP/USD Total 12.11% 10.82% USD/SGD Total 1.17% 1.16% AUD/USD Asia 2.67% 2.85% EUR/NOK Asia 0.04% 0.03%

Europe 3.23% 3.41% Europe 0.72% 0.54% US 2.71% 3.18% US 0.34% 0.30%

AUD/USD Total 8.60% 9.44% EUR/NOK Total 1.11% 0.87% USD/CAD Asia 0.50% 0.54% USD/ZAR Asia 0.02% 0.02%

Europe 2.16% 2.47% Europe 0.43% 0.35% US 3.66% 4.31% US 0.34% 0.31%

USD/CAD Total 6.32% 7.31% USD/ZAR Total 0.79% 0.68% EUR/GBP Asia 0.30% 0.10% USD/SEK Asia 0.01% 0.01%

Europe 2.34% 1.84% Europe 0.29% 0.19% US 1.38% 1.07% US 0.19% 0.14%

EUR/GBP Total 4.02% 3.02% USD/SEK Total 0.49% 0.34% NZD/USD Asia 1.28% 0.93% NOK/SEK Asia 0.00% 0.00%

Europe 1.31% 1.29% Europe 0.28% 0.23% US 1.36% 1.15% US 0.21% 0.12%

NZD/USD Total 3.95% 3.37% NOK/SEK Total 0.49% 0.35% EUR/JPY Asia 0.42% 0.40% EUR/AUD Asia 0.13% 0.12%

Europe 1.46% 1.72% Europe 0.21% 0.19% US 1.08% 1.28% US 0.13% 0.13%

EUR/JPY Total 2.95% 3.40% EUR/AUD Total 0.47% 0.43% USD/CHF Asia 0.20% 0.20% AUD/JPY Asia 0.14% 0.17%

Europe 1.19% 1.21% Europe 0.19% 0.21% US 1.25% 1.35% US 0.12% 0.14%

USD/CHF Total 2.64% 2.75% AUD/JPY Total 0.45% 0.52% USD/MXN Asia 0.04% 0.03% USD/TRY Asia 0.02% 0.02%

Europe 0.64% 0.71% Europe 0.22% 0.21% US 1.85% 2.01% US 0.17% 0.17%

USD/MXN Total 2.53% 2.75% USD/TRY Total 0.40% 0.40%

Hotspot, May 2015

Notes:

Hotspot daily, monthly, and quarterly volumes are posted on: http://hotspotfx.com/products/hotspot_volumes.jsp

Hotspot volumes represent the notional value in U.S. dollars of all trades executed on the platform, counting one side

of the transaction.

All comparative volume data has been normalized to account for different counting methodologies. Average Daily Volume (ADV)

reported by each platform may not be based on the same number of trading days for a given month due to observed national or bank

holidays unique to a given platform. Hotspot counts each day that the platform is open as a valid trading day.

*Market Share represents Hotspot volume divided by the total volume of publicly reporting spot FX venues (Hotspot, EBS, &

Reuters/FXall).