The Ontario Securities Commission (OSC) has granted a regulatory interim exemption to 360T Group’s new Multilateral Trading Facility (MTF) based in the UK.
This development is significant for Canadian FX market participants as it ensures they can seamlessly engage in trading activities on the platform, which is set to launch on January 2.
360T has a history of operating in Canada under exemption orders issued by the OSC. The 360T Swaps Execution Facility has been operating in the country since June 2016, and the European MTF has been serving the Canadian market under an exemption order since June 2019.
The recent interim exemption from the OSC further strengthens the platform’s position, allowing Canadian participants to trade various financial instruments, including FX Forwards, Swaps, Options, Non-Deliverable Forwards, and Non-Deliverable Swaps via the new 360T UK MTF.
360T is a leading global trading platform for Foreign Exchange (FX) and is considered Deutsche Börse Group’s powerhouse for FX.
Since its establishment in 2000, 360T has consistently provided web-based trading technology for over-the-counter instruments, integration solutions, and related services.
The company has also developed and maintained a state-of-the-art multi-bank portal for foreign exchange, cash, and money market products, as well as FX/interest rate derivatives.
With a client base comprising over 2,400 buy-side customers and a network of more than 200 liquidity providers across 75 different countries, 360T is well-positioned to connect the global FX industry.
Notably, 360T recently introduced mid-liquidity streaming through APIs on its Swap User Network (SUN).
This development marked a significant advancement in the FX Swaps market, with 360T SUN being the exclusive platform offering continuous mid-price streaming for FX Swap instruments.
This innovation addresses the growing demand from clients for access to FX Swaps.
Shuo Wu, Global Head of Forward e-trading at Deutsche Bank, highlighted this advancement as a pivotal phase in FX swaps trading, enabling risk offset at the mid-market level.
360T expects this milestone to revolutionize FX Swaps trading, facilitating auto-hedging, aggregation, and algorithmic execution, thereby empowering banks to enhance their capabilities and foster growth in the market.