During the second quarter of 2024, 360T averaged €142 billion per day in trading volumes, with the largest portion of that being FX swaps trading. The company specializes in FX swaps trading across three areas – for the buyside, the 360T execution management system (EMS) streamlines trading with customizable automation tools and embedded data feeds for best execution.
On the sellside, the Swaps User Network (SUN) offers full automation via a limit order book with mid-rate matching and automated credit models. Additionally, 360T's multi-dealer platform supports FX swaps trading via request-for-quote (RFQ)/request-for-stream (RFS), enabling efficient aggregation and pricing for both buyside and sellside firms.
Streaming mid liquidity via application programming interface (API) became available on 360T SUN, marking a significant milestone in the electronification of FX swaps. It was the first time that two banks have been able to trade FX swaps via API and match at the market midpoint. 360T SUN is also currently the only platform which offers a continuous streaming mid-price for FX swap instruments. This advancement also opens the way to enabling auto-hedging, aggregation, and algorithmic execution of FX swaps.
Over the past year, 360T introduced several innovative workflows for buyside firms to enhance FX swaps trading. The split risk workflow allows firms to automatically put banks in competition for forward points, improving pricing, while the mixed-givens solution enables netting of currency pairs with varying notional amounts and competitive trading of leftover values, ensuring the best pricing and precise recalculation for trade confirmation. 360T also added the ability to execute swaps and non-deliverable swaps with multiple allocations, eliminating the need to move orders into portfolios.
For the sellside, 360T upgraded its Market Maker Cockpit (MMC) tool to enhance swap pricing and hedging. Additionally, 360T SUN advanced and extended pricing hours and added USD/CNH liquidity. The Swaps Data Feed (SDF) was enhanced by tightening the aggregated mid-market price and validated a new use case with a global custodian bank for external redistribution as an independent reference rate.
“360T continues to be a pioneer in FX swaps,” says Robin Nicholas, head of FX swap product at 360T. “We are fundamentally changing how sellside firms trade these products with the launch of the 360T Swaps User Network, an orderbook with streaming mid liquidity via APIs; while our Swaps Data Feed and innovative workflow solutions are delivering quantifiable cost benefits to the buyside.”