During the last year, 360T has strategically invested in its spot FX technology, building on a foundation of unique liquidity created by its client base for spot, which spans both its electronic communication network (ECN), 360TGTX, and its multibank over-the-counter (OTC) platform. The first thing that differentiates 360T’s Spot FX offering is the breadth and depth of its client base. While other platforms like to talk about “unique liquidity” the fact is that across its ECN and multibank OTC platform, 360T has over 2,400 buyside clients across more than 75 countries, in addition to being connected to over 200 liquidity providers globally.
It has made latency a key differentiator for its 360TGTX platform, which now matches the fastest speeds in the market and is future-proofed for potential shifts from microseconds to nanoseconds. Beyond ultra-low latency, 360TGTX emphasizes determinism, reducing outlier trades and enhancing consistency, which is crucial for liquidity providers.
The development of hypersonic technology is for the first time ever giving the ability to create matches between different market participants trading across different parts of 360T’s global ecosystem. Customers accessing 360TGTX liquidity are now able to place peg orders into the ‘hypersonic’ central limit order book (CLOB) and use the mid-match peg feature. These orders now utilize the company’s essential data feed (EDF) for reference pricing, improving product usage and strategy refinement.
Additionally, 360T have also introduced a data-driven approach to tag management for anonymous spot trading, allowing liquidity providers and market takers to define their trading preferences, with automated processes ensuring optimal tag matching.
Furthermore, the review period saw 360T expand spot FX liquidity by targeting regional banks in the LD4 datacentre, encouraging them to trade domestic and liquid pairs via its undisclosed channels. 360T also upgraded its SuperSonic Trader to HTML5, improving user experience, and revamped its EDF composite methodology, enhancing the quality and robustness of the spot market data feed, expanding currency pairs and reducing latency for firms based in the Americas.
These efforts have shown to be effective, with spot FX volumes on 360T growing by 17%, validating its strategy to increase passive orders and firm liquidity on 360TGTX, which rose significantly over two consecutive quarters. Additionally, 360T launched an ultra-low latency native pricing gateway, processing liquidity provider quotes in under three microseconds 90% of the time, and completed a technology upgrade, further reducing latency across 360TGTX.
Vidura Seneviratne, head of spot strategy, says: “360T has made significant strategic investments in its spot FX and precious metals offering in recent years, and over the past 12 months we’ve seen the fruition of these efforts. This has included pioneering a data-driven approach to tag management, increasing passive orders and firm liquidity on 360TGTX and completing a major latency upgrade.”