Banco Monex partners with 360TGTX to improve access to liquidity in Mexico

Banco Monex has partnered with 360TGTX in order to launch the first local credit hub in Mexico for facilitating FX trading and address the current credit constraints many participants face in the local Mexican FX market.

The reality in Mexico is that constraints there severely limit the amount and types of liquidity which market participants can access, which results in suboptimal execution outcomes.

This has led Banco Monex to act as a credit hub for the 360TGTX platform, thus enabling any local firms in Mexico who have an established credit arrangement with Banco Monex to use this in order to access the global liquidity ecosystem that is available on the 360TGTX platform.

Gaining access to a wide range of top tier liquidity providers globally, Banco Monex clients now benefit from better pricing in MXN and other currencies from a broader range of liquidity sources.

Javier Alvarado, CEO of Monex Casa de Bolsa, said: “We are very excited to be announcing the launch of our credit hub because we believe that it will deliver many benefits to the FX market here in Mexico.

“Connecting more onshore and offshore FX liquidity will help to deepen liquidity in the Mexican peso, while local market participants will also benefit from being able to access a world-class technology platform in 360TGTX that is also fully compliant with the FX Global Code of Conduct and industry best practices.”

Matt O’Hara, CEO 360 Trading Networks, Inc. (Americas), said: “We are delighted to be announcing this new partnership with Monex, which we think represents a major milestone for the Mexican FX market. As the first Latin American financial institution to become a member of CLS, Monex holds a very unique place within the infrastructure of the local FX market.

“Leveraging this to access the 360T ecosystem, which includes over 2,200 trading firms across over 75 different countries, offers the potential for tremendous growth in the local onshore market. Ultimately, we see this as the next step in the evolution of FX trading in Mexico,” says

360T is Deutsche Börse Group’s powerhouse for FX, providing a web-based trading technology for over-the-counter (OTC) instruments, integration solutions and related services.

Its multi-bank portal for foreign exchange, cash and money market products and FX/interest rate derivatives was founded in 2000 and now boasts over 2,200 buy-side customers and more than 200 liquidity providers across 75 different countries. The firm is headquartered in Frankfurt but has offices in New York, Singapore, Mumbai, Kuala Lumpur, and Dubai.