Deutsche Boerse and 360T have announced the launch of a market data product covering FX spot and swap markets.
The FX swap market information is based on a contribution model of liquidity providers developed in cooperation with the Germany-based company DIGITEC.
The launch is another sign of Deutsche Boerse’s intentions in the FX space following the acquisition of trading venue GTX ECN for $100 million in May. The deal will see GTX ECN integrated with the exchange operator’s FX trading platform 360T to create one of the largest and diverse over the counter (OTC) FX marketplaces.
“In the day-to-day servicing of our customers, we have uncovered a gap in the market and identified a need for an independent, reliable and cost-effective source of FX market data,” says Simon Bajec, deputy head of EMEA sales at 360T. “With DIGITEC we have just the right partner to satisfy this demand and we integrated the D3-360T data sources seamlessly into our systems. This new service helps customers with risk management, rate reasonability and best execution of FX swaps, NDF and forward trades.”
The announcement comes on the week of TradeTechFX conference in Barcelona, which The TRADE will be reporting live from this week.
Deutsche Boerse has said its customers benefit from independent and representative swap market rates covering the relevant central bank meetings, year-, quarter- and month-end turn dates as well as IMM settlements and the corresponding spot market mid prices.
“With this product expansion Deutsche Boerse is extending its market data offering to the FX market, thereby closing a gap in the market for reliable swap data and demonstrating the synergies that Deutsche Boerse Group has been able to create together with 360T. The new data feed provides for additional transparency to meet customer demand in an increasingly regulated market environment,” says Hartmut Graf, head of data services at Deutsche Boerse.
Deutsche Börse Group has agreed to acquire foreign exchange (FX) trading venue GTX ECN for $100 million as it looks to expand its FX business in the US.
The deal will see GTX ECN integrated with the exchange operator’s FX trading platform 360T to create one of the largest and diverse over the counter (OTC) FX marketplaces, according to Deutsche Börse.