The offering will act as a neutral trading platform, and leverages 360T’s infrastructure to provide clients with efficient access to liquidity from multiple providers. 

The exchange will also offer crypto spot trading, powered by 360T’s SuperSonic product suite, and will feature streaming prices tailored to the client while also engaging with selected counterparties.  

The firm has said that the new exchange is designed to pave the way for institutional crypto spot trading, and is set to operate across the EU, as an institutional-only, MiCA (Markets in Crypto Assets Regulation) regulated trading platform.  

3DX will be led by Carlo Kölzer, founder and chief executive of 360T and head of foreign exchange and digital assets of Deutsche Börse Group, which acquired the platform in July 2015. 

He said: “Not only does the launch of 3DX demonstrate Deutsche Börse Group’s broader commitment to be a leader in the digital assets space. 

“It represents a significant milestone in 360T’s history as a global marketplace that aims to grow as a trusted partner in the evolving crypto landscape and in line with the increasing interests from our clients.” 

The platform will be accessible through GUI or API, and clients will still be able to use crypto NDFs as RFS through 360T bridge and via their automated workflows through 360T EMS.  

The digital exchange will initially support bilateral settlement with plans to adopt differing post-trade models to support clients with risk management in the future.  

Read more – 360T strikes deal to host new Quantitative Brokers FX algo suite 

Recent developments by 360T have seen the platform driving to expand its foreign exchange offering alongside its crypto business. In January 2024, the firm went live with its UK-based multilateral trading facility, 360T UK MTF, to offer trading in all foreign exchange financial instruments except spot FX. 

The platform also collaborated with execution algorithms and analytics provider Quantitative Brokers to launch a new set of FX algos in February 2025.  

The post 360T launches digital exchange to expand crypto offering appeared first on The TRADE.

Deutsche Börse’s 360T went live with its UK-based multilateral trading facility (MTF) this week, having developed the offering following the UK’s departure from the European Union (EU).

Speaking to The TRADE, Simon Jones, chief growth officer at 360T, explained: “At 360T, we have always strived to ensure that we offer market participants a trading environment that meets the highest standards of regulatory adherence and industry best practice.

“In order to ensure the same for UK based clients after the official withdrawal from the European Union (EU), we had to create a new subsidiary: 360 Trading Networks UK Limited (360T UK), which has now gone live with the new UK MTF.”

The platform – 360T UK MTF – offers trading in all foreign exchange financial instruments except spot FX, specifically: FX swaps, FX options, FX non-deliverable swaps (NDSs), FX forwards, and FX non-deliverable forwards (NDFs) via the 360T UK MTF. 

Read more: Virtu and 360T integrate FX trading analytics and TCA

According to the business, each member on 360T UK MTF must qualify as an eligible counterparty or professional client under Mifid rules, as well as meeting the eligibility criteria outlined by 360T, which includes adequate execution, order management and settlement systems, and pre-trade and post-trade controls.

As regards US entities, membership is dependent on their qualification as an Eligible Contract Participant (ECP) as defined in the commodity exchange act.

Last month, the Ontario Securities Commission (OSC) granted 360T a regulatory interim exemption in Canada for UK MTF which ensures that Canadian FX market participants are permitted to trade on the platform. 

This exemption is pursuant to certain conditions from the OSC, including that 360T maintain its compliance with FCA requirements, only offer access to Ontario users for trading in the aforementioned FX products, and provide information on the platform’s state of play as and when requested, subject to any applicable privacy or other laws. 

Read more: Union Investment executes first FX futures trade through Deutsche Börse’s 360T

360T’s European MTF has been operational in Canada under another exemption from the OSV since 2019, while the 360T swaps execution facility (SEF) has operated in the country with an exemption order since June 2016.

The post 360T goes live with UK-based MTF in the wake of Brexit appeared first on The TRADE.

As Virtu extends its offering to the 360T client base, users will be able to leverage the trading analytics in a fully integrated manner.

“At 360T we are strongly committed to enable transparent and efficient FX trading workflows for our clients. Having direct access to trading data and the ability to analyse that data dynamically is a key component of our client trading experience. By partnering with Virtu, we were able to offer our clients access to best-in-class analytics in a seamless way,” said Simon Bajec, head of market data product at 360T.

Through the partnership, 360T clients will be able to monitor and analyse trading activities by leveraging Virtu’s trading analytics. Both the FX trading offering, and TCA offering provide data-driven insights for both asset managers and corporate treasurers.

Read more: Union Investment executes first FX futures trade through Deutsche Börse’s 360T and will implement its EMS

Kevin O’Connor, global head of analytics at Virtu, said: “The FX market is highly electronic, and most market participants will benefit from using data analytics and TCA. Virtu Analytics offers a full solution for both institutional investors and corporate treasurers looking to improve their FX execution. In this partnership, we were able to closely integrate our analytics offering with the 360T platform, providing clients a seamless FX TCA experience.”

The post Virtu and 360T integrate FX trading analytics and TCA appeared first on The TRADE.

According to 360T, this is the first time that two banks have been able to trade FX Swaps via API and match at the market midpoint.

In addition, 360T SUN is the only platform that currently offers a continuous streaming mid-price for FX Swap instruments.

“Establishing a marketplace that facilitates risk offset at the mid—market level signifies the next phase in the advancement of FX swaps trading,” said Shuo Wu, global head of forward e-trading at Deutsche Bank.

“This development finally delivers for the industry opportunities that have long been present in smaller markets, and empowers us to better cater to the rising client demand for access to these products.”

360T’s chief growth officer, Simon Jones, stated that the firm is confident that the development will mark a fundamental change in how banks trade FX swaps, opening the door to auto-hedging, aggregation and algorithmic execution. “360T SUN will ultimately allow our bank partners to better service their clients and enhance their own trading capabilities while unlocking further growth in the FX Swaps market,” said Jones.

Elsewhere, Simon Bevan, head of eFX trading at ING, added that trading FX swaps via API and executing at mid can deliver significant benefits: “The ability to auto price FX Swaps offers more efficient execution for our clients while enabling us to hedge our own risk better, and we’re delighted to now be deploying this technology,” he said.

The post 360T makes streaming mid liquidity via API available on Swaps User Network appeared first on The TRADE.

CME EBS

CME’s EBS provides users with access to one of the largest and most liquid FX markets in the world, facilitating international trade and risk management. As part of CME Group’s ongoing commitment to deliver an optimal trading experience, the firm has re-platformed its EBS trading venues, interfaces, and technology. According to CME, these changes will enhance its FX offerings, reinforce EBS’ role in global FX liquidity, and preserve the attributes that customers appreciate.

EBS (Electronic Broking Services) was originally founded in 1990 by a consortium of big FX market-maker banks as a spot FX platform, acquired by ICAP in 2006, and then merged with BrokerTec in 2014. Renamed NEX Markets, it was acquired by CME Group in 2018 and has since become a specialist in the growing market for non-deliverable forwards (NDFs). It was the first venue to offer e-traded NDFs and has continued to innovate, with new solutions including end of month (EOM) NDFs.

EBS Market was the first venue to offer e-traded NDFs and continues to innovate with new solutions for the market including End of Month (EOM) NDFs and the one month against the fix. Increased FX volatility over this year has seen the platform boom, with a 7% increase in average daily volume (ADV) year-on-year as of June 2022. According to Jeff Ward, global head of EBS, the EBS Market CLOB also saw volumes increase 11% year-on-year as of June, while G3 volumes generally were 15% higher over the same period. Asian NDF volumes were also up, by 16% year-on-year.

EBS Market has now been integrated into CME Globex, creating global liquidity pools for spot, metals, and NDFs, with uniform access and matching priority across order book depth. Meanwhile, EBS Direct looks to improve low latency execution, enabling faster market data with processing times under 50 microseconds end-to-end, supporting low latency trading and improved execution outcomes.

The wider CME Group has had a strong year in 2022, with quarterly international average daily volume (ADV) reaching 6.1 million contracts in Q3, up 21% year on year. Reflecting all trading reported from outside the US, volume was notably driven by listed FX products, which jumped 36% in volume over the first nine months of the year.

Eurex

Over the last year, Eurex has strengthened its position as a FX venue in Europe, continuing to grow its customer base and expand its service scope. As of July 31, total FX volume on Eurex continues to grow, with a total of 849,000 contracts traded, an increase of 193% year-on-year. In addition, open interest as of July 31, stand at €7.9 billion. In June, Eurex recorded its highest daily FX trading volume with more than 162,000 contracts, including a single block trade of almost €5.9 billion.

In November last year, Eurex listen seven new FX futures on Scandinavian currencies, which are the most traded European currencies after GBP, CHF and EUR. A total of 25 FX futures can now be traded on Eurex. Elsewhere, Morgan Stanley entered into Eurex’s listed FX business in July 2022. According to Eurex, as a major participant in the global FX market, Morgan Stanley is among a growing number of market participants at Eurex that are moving their business to the exchange or combining over-the-counter and listed FX trading by using so-called ‘Exchange-for-Physical’ (EFP) services.

Euronext FX

Euronext serves as the biggest pan-European exchange and market infrastructure, connecting seven markets across the continent. The exchange has had a strong year with trading volumes increasing as well as a string of successful acquisitions.

In particular, FX volumes were up 30% (year on year) in September alone, which acted as one of the busiest months ever for the exchange. Looking more broadly at the last quarter as a whole, the average daily FX trading volume in Q3 2022 was well over the $21.7 billion mark, an increase by 24% from $17.5 billion compared to the previous year.

LSEG (Refinitiv FXall)

Formed in 2001, FXall has served the corporate, asset management, hedge fund and banking communities for over two decades. FXall supports single bank and multi bank request for quote, algo and resting orders, auto-execution orders, fixing orders and multi bank batch orders, which allow the submission of up to 200 trade requests at one time.

2021 was a top performing year for FXall, which saw its average daily trading volumes (ADV) increase by 13.5% from $84 billion in 2020 to $95.4 billion in 2021. Elsewhere, its EMEA ADV increased by 14.75% from $51.8 billion to $59.4 billion.

Last year, FXall invested heavily in increasing the variety of ways that its clients can trade FX. The firm’s order splitting capability now supports multi-leg trades and enhanced execution types such as fixing orders, auto-execution orders and multi-bank batch orders. Elsewhere, the FXall general user interface (GUI) has been updated to give clients an improved user experience.

As part of the LSEG and Refinitiv acquisition, the Settlement Center also now supports the clearing of NDF trades through LCH ForexClear, giving FXall clients a quicker way to clear NDF trades and minimize counterparty credit risk. It also provides solutions for clients who are impacted by the upcoming phases of the Uncleared Margin Rules (UMR).

360T, Deutsche Börse

Deutsche Börse’s FX trading venue, 360T, allows users to trade spot, outright forwards, swaps, NDFs, options and listed FX products across its venue. Disclosed, semi-disclosed and anonymous trading is supported by the platform, while firms can also trade via RFQ/RFS, streaming pricing, auto-execution and algos.

In addition, 360T partners with a broad range of client types globally, including corporates, hedge funds, asset managers, retail brokers, etc, allowing the platform to offer a unique pool of FX liquidity to interact with.

Looking at differentiated products offered by 360T, its Swaps Orderbook is the first platform to begin automating the interbank FX Swaps market to facilitate auto-hedging, aggregators and algo execution. The platform is also committed to three new technology releases per year, ensuring that the venue is continuously enhanced and able to remain competitive.

The post Leaders in Trading 2022: Meet the nominees for…. Outstanding FX Trading Venue appeared first on The TRADE.

The exchange operator’s expanded data includes data from 360T’s swaps data feed (SDF) and streaming FX spot pricing from the FX venue’s essential data feed (EDF) through its CEF data feed. Deutsche Börse said it will act as the licensor for the data.

SDF provides data from overnight to five years in more than 40 currency pairs, specialising in broken date tenors. It also includes real-time swaps market data in 1,800 crosses in G10 currencies, local markets and non-deliverable forward currency pairs.

The data feed aims to bring transparency to the FX swaps market allowing buy-side traders to achieve best execution and sell-side firms to price trade outside of their core currencies more effectively.

“The Swaps Data Feed has been a true innovation in the FX market over the last few years,” said Simon Jones, chief growth officer at 360T. “Our partnership with the banks has resulted in an outstanding product with a multitude of industry use cases. To now have this available through Deutsche Börse’s CEF data feed raises its accessibility to the next level.”

Similarly, EDF offers data on the spot FX market, including calculated mid and bid-ask spreads sourced from 360T’s global trading platform. The real-time access to pricing data also aims to improve market transparency and inform trading decisions.

The development expands Deutsche Börse’s CEF core market data feed, which supplies banks, fund managers, hedge funds, data vendors and others with quotes, indices and analytics across its Eurex and Xetra trading venues. In June, Deutsche Börse also added historical FX data from 360T to its historical data feed (HDF).  

“With this extended FX market data offering, we close a gap in the market for reliable and independent pricing data,” added Alireza Dorfard, head of data services at Deutsche Börse. “Clients will benefit from access to the new offering under a single license agreement and from availability via Deutsche Börse’s CEF data feed.”

The post Deutsche Börse rolls out real-time FX pricing data from 360T platform appeared first on The TRADE.

The Data Shop gives market participants the ability to access historical data from the Historical Data Feed (HDF) which was designed to meet the high demand from participants within the FX industry.

The 360T platform provides all spot and swap market data through the HDF which can then be used for several different purposes including transaction cost analysis, identifying long-term trends and correlations, and back-testing pricing models.

The Essential Data Feed (EDF) captured within the HDF provides the streaming spot market data reference, delivering both the calculated mid and bid/ask for all supported currency pairs. It is sourced from 360T’s global execution platform, Hypersonic, which provides a snapshot of market conditions.

“The launch of the first FX offering marks a milestone in the ongoing expansion of Deutsche Börse Market Data + Services into the FX business. By providing access to 360T’s historical data through our well-established Data Shop platform, we provide the best of our respective expertise,” said Alireza Dorfard, head of data services at Deutsche Börse.

The 360T/DIGITEC Swaps Data Feed (SDF) contains the swaps market data, with over 20 FX banks contributing.

“At 360T we have always been big believers in promoting data transparency. Our SDF is a market leading innovation and the HDF is a natural evolution in our data offering. Making this historical data available for immediate access via the Deutsche Börse Data Shop is just another example of 360T innovating, giving FX industry participants the opportunity to easily access high quality market data,” said Simon Jones, chief growth officer at 360T.

The post Deutsche Börse expands data offering with historical FX 360T data appeared first on The TRADE.

Named HyperSonic, 360T said the order book and low latency aggregator expands the range of spot FX liquidity that traders can interact with via one single point of entry with faster matching technology.

Several clients are already live on the order book, with more expected to gradually migrate to HyperSonic throughout the third quarter this year.

Trading venues have typically created market models for the diverse market participants that trade FX, which 360T stated has fragmented liquidity across the landscape. HyperSonic aims to reverse this trend by unifying the fragmented pools of liquidity.

“HyperSonic enables us to leverage 360T’s unique franchise to deliver significant benefits to everyone within it by bringing previously siloed pools of spot FX liquidity together in one place,” said chief growth officer at 360T, Simon Jones.

“To maximise the effectiveness of HyperSonic we had to invest significant time and resources into ensuring that we created the fastest matching technology available in the industry today and through this rollout, make it accessible to all our clients across the business.”

In December, 360T launched an automated FX swaps limit order book with mid-rate matching functionality. The 360TGTX MidMatch is a fully visible limit order book that allows market makers to stream curves out to two years.

The post Deutsche Börse 360T launches spot FX order book and aggregator appeared first on The TRADE.

360T, Deutsche Börse’s forex trading unit, confirmed that Gavin Wells has been appointed head of swaps strategy. He is due to start his new role in February in London, and reports to chief growth officer at 360T, Simon Jones. 

Wells joins the company with extensive FX trading experience, having been at Citigroup for almost 15 years leading the bank’s FX trading, e-commerce, and prime brokerage, before departing in 2008 to join LCH ForexClear for the next eight years. Wells was most recently head of Europe at blockchain specialist, Digital Asset.

His appointment follows news last month that 360T would launch an automated FX swaps limit order book with mid-rate matching functionality. Known as 360TGTX MidMatch, the fully visible limit order book allows market makers to stream curves out to two years, with a swaps data feed developed by 360T with the help of 20 banks acting as the mid-reference for grey-book risk exchange. 

The platform also provides full audit and surveillance capabilities, as well as a complete reporting suite. ANZ and Commerzbank were the first banks to execute trades on the multilateral trading facility (MTF), 360T said.

“To be able to attract someone of Gavin’s experience and track record in the FX Industry is a reflection on the potential which the electronic FX Swaps Trading space represents over the next few years. We have invested heavily in 360TGTX MidMatch and are excited to have someone of Gavin’s calibre to help lead the initiative,” Jones at 360T commented.

The post Ex-Citi FX trading head to lead swaps strategy at Deutsche Börse 360T appeared first on The TRADE.

Known as 360TGTX MidMatch, the fully visible limit order book allows market makers to stream curves out to two years, with a swaps data feed developed by 360T with the help of 20 banks acting as the mid-reference for grey-book risk exchange.

The platform also provides full audit and surveillance capabilities, as well as a complete reporting suite. ANZ and Commerzbank were the first banks to execute trades on the multilateral trading facility (MTF), 360T said.

“The ability to electronically exchange risk at mid, comes at an opportune time in the FX swap market where low volatility has led to spread compression and dealers are looking for more advanced order types to help them manage their exposures,” David Thorne, head of eFX trading in EMEA at ANZ, commented.

Simon Jones, chief growth officer at 360T, added that the move is a paradigm shift as capabilities that have been available within the spot market and other asset classes for years will now accessible in the FX swaps market.

“We built this with both the trader and the auto-hedger in mind, allowing market takers to become market makers and greatly improving price discovery,” Jones said. “Offering options which allow participants to fully automate the credit process has been a long road but this will change the way FX swaps are executed.”

Last month, 360T completed the first trades in streaming non-deliverable forwards (NDFs). Expanding on its disclosed request for stream, the 360TGTX streaming NDFs were launched in response to demand for an alternative hedging venue, supporting both disclosed and anonymous trading.

The post 360T launches FX swaps limit order book with midpoint matching appeared first on The TRADE.