For the layman, what’s FX, Hotspot, and Currenex?
FX is “Foreign Exchange Market” and is where currency trading takes place.
If people are pulling money out, I’d assume they aren’t confident in other countries monetary values and hoarding their own currency.
Not a financial guru and don’t know for sure.
The foreign exchange market (Currency, Forex, or FX) market is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. [1]FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.
Today, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements.[2] Since then, the market has continued to grow. According to Euromoney’s annual FX Poll, volumes grew a further 41% between 2007 and 2008.[3]
http://en.wikipedia.org/wiki/Foreign_exchange_market
Currenex, Inc. is based in New York, New York providing a platform for the electronic foreign exchange service industry, including private labels. It was founded in 1999 and focuses on connecting buy and sell sides using the FIX protocol and other application programming interfaces.
Under the terms of an agreement[1] originally announced on January 22, 2007, State Street Corporation acquired Currenex for $564 million on March 5, 2007. Currenex is now an operating division with offices in five locations: New York, New York; Redwood City, California; Chicago, Illinois; Vancouver, Canada; and London, England. New York was the corporate office and remains the principal office for sales, operations, and customer service. Engineering is based out of Redwood City, with developers in Vancouver, New York, and London.
http://en.wikipedia.org/wiki/Currenex
FX, or Forex, is short for Foreign Exchange. It is the single largest financial market in the world, with almost 3.5 Trillion transacted daily. It is facilitated by large banks providing liquidity (ie, large amounts available to trade). Currenex and Hotspot are some of the largest liquidity aggregators - they aggregate feeds (bids, asks from large banks) and facilitate trading.
Don't you just love it when people post things and assume everyone knows what he's talking about?