360T’s UK MTF receives exemption from Ontario Securities Commission

abdelaziz Fathi

Deutsche Börse Group’s FX platform, 360T, has received an interim exemption from the Ontario Securities Commission (OSC) for its new UK-based Multilateral Trading Facility (MTF).

This exemption is a crucial step for the platform, allowing Canadian foreign exchange (FX) market participants to use it when it launches on January 2.

The 360T Swaps Execution Facility (SEF), operational in Canada since June 2016, and 360T’s European MTF, operational since June 2019, have both previously received exemption orders from the OSC. The new interim exemption for the UK MTF will enable Canadian FX market participants to trade a variety of instruments, including FX Forwards, Swaps, Options, Non-Deliverable Forwards (NDFs), and Non-Deliverable Swaps (NDSs).

Under Canadian regulations, any platform that offers derivatives trading services to Canadian entities, such as FX swaps, forwards, and non-deliverable forwards, must be recognized as a “Canadian exchange” as per the Ontario Securities Act.

The interim exemption granted by the OSC allows 360T’s UK MTF to operate without meeting this specific requirement, providing Canadian traders access to its broader range of FX trading services. 360T is mainly used by a range of financial market participants including institutional investors, corporate treasuries, banks, and brokers.

The key offerings of 360T include an Execution Management System (EMS) and a product called SuperSonic Trader. It also provides services related to algorithmic trading, market data, and analytics.

The platform has a broad international reach, with a client base spanning over 75 countries. This includes both large-scale and regional corporate treasuries, banks, and asset managers. The platform’s network includes over 2,400 buy-side firms globally.

The move marks Deutsche Borse’s continued expansion motive in the foreign exchange space and institutional level trading businesses. It comes after nearly seven years of Deutsche Borse’s foray into FX ECN of its own with the acquisition of 360T, which turned out to be the center of the exchange’s global FX business.

FinanceFeeds last reported on 360T back in November when it teamed up with Virtu Financial to improve the foreign exchange trading experience for their clients.

This partnership integrates Virtu’s advanced trading analytics and Transaction Cost Analysis (TCA) into the 360T platform, providing users with detailed insights to optimize their FX trading strategies. Clients using 360T can now access Virtu’s Trading Analytics, enabling them to monitor and analyze their FX trading activities effectively.

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