Bats Global Market, the Lenexa, Kan.-based company that runs the second-largest U.S. stock exchange, will pay $365 million to acquire Hotspot FX, a spot market for currency trading.
Hotspot, like Bats, is an electronic market. It allows institutions, dealers and retail brokers to exchange foreign currency.
Bats purchased the market from KCG Holdings, a New Jersey company. The purchase is part of Bats’ strategy of expanding its business beyond equity trading.