BST Awards 2022: Best buy-side execution venue—360T

Overview

360T, a subsidiary of Deutsche Börse, provides a one-stop shop for firms that need to trade FX, the largest asset class across the capital markets by daily notional turnover. It addresses the challenges of liquidity fragmentation, workflow complexity, audit and compliance concerns, execution benchmarking, rising technology costs and lack of market transparency.

What problem does it address?

360T is designed to improve pricing for FX market participants by aggregating liquidity from disparate sources. It offers technology solutions that enable firms to streamline their workflows and reduce operations risks. It provides proprietary market data feeds that shed light on previously opaque markets and enables improved transaction-cost analysis. It also offers white-label solutions and tools designed to support regulatory compliance and best practices across all trading activities.

Secret sauce

The 360T FX platform features a wide range of FX products (spot FX, non-deliverable forwards, forwards, swaps, options and listed FX); it supports a variety of execution methods (disclosed, semi-disclosed and anonymous trading, RFQ/RFS, streaming pricing, auto-execution, algorithms, etc.); and has a large number of diverse clients, which creates a unique global liquidity pool. This is supported by an analytics platform, proprietary market data products, outsourced liquidity management, and a white-label offering.

Recent milestones

• 360T launched a new Precious Metals Data Feed (PDF) to complement its existing suite of data products.
• It added support for base metals trading alongside FX.
• It determined that only signatories to the latest version of the FX Global Code of Conduct or market-makers offering firm/reliable liquidity will be able to make prices anonymously on its 360TGTX electronic communication network. 

Future objectives 

• 360T plans to build out support for clients wanting to access digital currencies.
• It will migrate clients to its new Hypersonic technology.
• It will build out API trading on its Swaps User Network (Sun) platform.

Why they won 

When it comes to trading, liquidity is everything. That aphorism is best underlined when liquidity is ephemeral and thin and even the most experienced traders with the best technology and algorithms are unable to find fills. 360T, the Frankfurt-based Deutsche Börse subsidiary and provider of web-based trading technology to support trading of FX, interest rate derivatives and other OTC instruments, combines in excess of 200 liquidity providers across 75 countries, thus ensuring deep liquidity and by so doing providing buy-side firms with the control and transparency they seek around their trading functions.