Deutsche Börse has concluded the acquisition of over-the-counter (OTC) instruments trading venue 360T. The company’s CEO highlighted in an announcement the importance of the deal by saying: “This acquisition is a strategic fit as it broadens Deutsche Börse’s asset class spectrum.”
German financial regulatory bodies and the antitrust watchdog have issued their approval to Deutsche Börse for the acquisition. The platform will remain regulated by BaFin and its existing management team will continue managing the subsidiary. In addition, the CEO of 360T, Carlo Kölzer, will join Deutsche Börse’s Group Management Committee.
Back in July, Deutsche Börse announced that it is buying the Frankfurt-based foreign exchange and OTC instruments trading platform for 725 million euros ($796 million).
Deutsche Börse has decided to build its FX business around its new acquisition, and the management of the subsidiary has been mandated to continue the development of the platform and to lead an expansive effort into this new area for Deutsche Börse.
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The management of Deutsche Börse has pointed out that the new ECN-type trading venue for FX spot which can also be used for derivatives instruments is one of the key synergies of the deal.
Deutsche Börse’s CEO, Carsten Kengeter, elaborated: “360T’s impressive growth trajectory since its inception and its dynamically evolving position in the FX market makes it a substantial addition to broaden our asset class spectrum. It is a great strategic fit. The deal underpins part of our ambition to become the global market infrastructure provider of choice.”
Commenting on the announcement, the CEO of 360T, Carlo Kölzer, stated: “In a market where participants increasingly look for transparency, reduced capital costs, cutting edge trading and clearing solutions, our offering will be the most trustworthy and holistic one. The acquisition follows the trending FX industry logic towards global integrated infrastructure providers, adhering to the highest regulatory standards.”
The existing legal agreements with and obligations of 360T will remain intact by its integration into Deutsche Börse.