Update: It’s still unclear whether 360T bought the whole Finotec Corp or just Finologic – the technology subsidiary. Unfortunately no one in the company would comment on that so we will have to wait a little longer to find out the exact details of this deal.
Update 2: Now it’s official – 360T bought just Finologic.
360T is an institutional multi-product platform provider. For Spot FX trading products 360T caters mostly to banks, broker dealers and others. For years 360T was just one of the several available fx institutional platforms competing for same clients and until now was only tracking other competitors like Currenex who were able to penetrate the retail forex market through its White Label offerings.
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Lately 360T made a strategic decision to enter the retail forex space and will soon start offering a retail platform. 360T managed to acquire Finotec Group – a public American company (symbol:FTGI) who developed its own proprietary retail forex platform. Finotec for a long while now was experiencing large financial losses and was trying to sell its fully owned FSA licensed forex brokerage – Finotec Trading. Finotec Trading managed to sell some of its clients to Ava Forex earlier this year. Finotec Corp also owns Finologic – the technology arm of the group.
360T rebranded Finotec as FinBird Trading Systems and it is headed by ex Finotic Group’s CEO – Xavier Alexandre.