Over the past year, 360T has made significant progress in transforming the FX swaps trading landscape, driven by strategic investments in its Swaps User Network (SUN). One of the most notable advancements was the launch of streaming mid liquidity via application programming interface (API), enabling banks to trade FX swaps at the market midpoint through automated processes – an industry first, paving the way for auto-hedging, aggregation and even algorithmic execution. The introduction of this feature has enhanced banks' ability to better serve their clients while also improving their own trading operations.
Building on this, 360T also extended its API pricing for FX swaps to cover 24-hour trading, accommodating the growing demand across different regions, particularly in the APAC market. The venue also added USD/CNH pricing in response to rising interest in swap liquidity for this currency pair.
In parallel, 360T’s long-term vision of integrating access to both listed and OTC FX products was realised with Union Investment's implementation of its execution management system (EMS). This milestone demonstrated the platform's capability to handle block futures transactions seamlessly. The EMS system brings substantial benefits to buyside trading desks by offering a fully integrated setup for off-exchange futures trading.
Additionally, 360T introduced direct access to listed FX products via Eurex Exchange and added the ability to trade exchange for physicals (EFPs). This development responds to client demands in the face of regulatory changes, allowing firms to benefit from the liquidity of the over-the-counter (OTC) market while enjoying the cost efficiencies of centrally cleared trades. To stay on top of the changing regulatory landscape, the venue also launched a UK multilateral trading facility catering to post-Brexit requirements, ensuring compliance and continuity for clients across Europe.
A critical part of 360T's strategy also involves partnerships with fintech companies offering complementary products. Notable among these was the venue’s collaboration with Virtu Financial, which provides 360T clients with integrated FX trading analytics and transaction cost analytics services. This partnership empowers clients, including corporate treasurers and asset managers, to analyze trading data and optimize their strategies effectively.
On the technological front, 360T has made significant improvements to its EMS with the launch of new workflows such as split risk, enabling users to automatically compete the forward points before directing their fixing orders to the successful market maker. The development of a mixed-givens solution also allows buyside firms to net currency pairs with varying notional amounts and then trade the leftover value in competition, helping to ensure that they get the most favourable pricing available.
360T is unique in the breadth and quality of our FX offering, in addition to our commitment to constant innovation
Additionally, improvements to the venue’s electronic communication network have reduced latencies and improved performance, while upgrades to its data feeds further reinforced its focus on delivering reliable and accurate market data.
Overall, these advancements have translated into tangible success for 360T. In Q1 2024, the venue recorded a record average daily volume of €147 billion, marking an 18.5% year-on-year increase. Revenue from market data saw substantial growth as well, following increased demand from market participants.
Client satisfaction remained high, as demonstrated by the results of 360T’s annual survey. The majority of clients rated the company’s customer support and account management services highly, underscoring 360T’s commitment to delivering a premier FX trading experience.
Carlo Kölzer, group CEO, 360T Group and global head of FX, Deutsche Börse Group, says: “360T is unique in the breadth and quality of our FX offering, in addition to our commitment to constant innovation. In the past year alone, we have changed how sellside firms trade FX swaps, delivered completely new buyside workflow solutions, made enhancements to our market data feeds and added access to additional financial instruments.”