360T acquires Finotec, rebrands it as FinBird Trading Systems; to enter retail forex
360T is an institutional multi-product platform provider. For Spot FX trading products 360T caters mostly to banks, broker dealers and
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.
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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.
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I just had a look at the finotec website – their fees are ridiculous, $150/million for small/mini accounts and $100 for standard. $30 is condisdered expensive nowadays, even for retail. Small wonder they dont get customers..
By the way, 360T is really late to the retail party. I think its going to be tough unless they are ultracompetitive and/or offer something that really sets them apart from the competition. Look at LMax for example, they started a year ago, and apparently aren’t making much money either (despite having a top-notch product, in my opinion).
Do you think Goldman and the BetFair shareholders will be that patient? I have doubts about that. 25M is no small amount, compared to BetFairs revenue. I think they will have to look for a way out due to pressure from stake/share holders, if they wont be profitable soon.
They could just shut it down and sell the technology. They basically have a full-blown modern exchange/mtf system suite, i imagine this could easily be sold for a nice sum to recoup some of the losses.
BTW, do you know who the new LMax CEO is? Or is it still the interim-dude..
The “retail party” that Andy mentioned above is ready for version 2.0. In the US all the small shops were shut down and the US industry is dominated by a few larger firms. Japan’s industry structure is similar with a number of large brokers handling the vast majority of client flow, and some small shops picking up the pieces. The UK, with their principles-based rules, seems to be the last of the major jurisdictions that a start-up broker has a chance to get some significant market share. There are the other jurisdictions (Cyprus, India, NZ, etc…) But the major jurisdictions… Read more »