Second tier FX volumes showed gains in January, led by Fastmatch which reported a+24.3% rise to $11.8bn/day, whilst Hotspot reported a +7.1% gain.
Table showing Second Tier platforms: Hotspot, Fastmatch vols for Jan 16
The charts below show the volumes comparisons between Hotspot and Fastmatch. The bottom chart shows the gap between Hotspot and Fastmatch. It appears to still be in a downtrend channel which started in May 13 (as shown by the dotted parallel blue lines), reflecting a narrowing of the gap between the platforms.