Deutsche Börse Group’s FX unit, 360T has strengthened its ongoing collaboration with Thomson Reuters. The new chapter of the two venues’ partnership will leverage 360T’s rate engine technology, directly pricing Thomson Reuters’ FXall customers across the multibank platform.
The augmented partnership caters to banks supporting the 360T Pricing Engine infrastructure. This includes customers of the Market Maker Cockpit and Auto Dealing Suite, with users now able to price their customers FXall. One group has already gone live with the new connectivity capabilities – Landesbank Hessen-Thüringen (Helaba) – which became the first German financial institution to take advantage of the pricing.
New connectivity for customers
In light of the new interface, the bank is now able to quote customers on both the 360T and FXall multi-bank platforms, taking advantage of 360T’s FX price engine technology. Carlo Kölzer, 360T CEO, commented on the new connectivity: “We are very pleased that Thomson Reuters is supporting the ‘open platform concept’ which increases the efficiency of the global electronic FX market by connecting market leading venues, technologies and global communities of clients regardless of client type, geographic location or choice of execution venue and FX Fintech partner.”
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The multilateral interface provides several benefits for users, namely in terms of integrated and automated price distribution. “We welcome the cooperation between Thomson Reuters FXall and 360T. With this we can use 360T’s Pricing Engine infrastructure and have the possibility to reach all our FX clients with consistent pricing while benefiting from operational risk mitigation and consistent integration to our internal risk management infrastructure,” explained Michael Burckhart, Head of FX Trading, Helaba.
Neill Penney, Co-Head of Trading at Thomson Reuters reiterated: “Collaboration and openness in the financial markets delivers efficiency and value across the entire market, and this partnership puts that principle into action. The enhanced pricing and workflow benefits FXall liquidity providers using the 360T price engine technology.”
The news is the first development for 360T since last month. May saw the institutional business unit of GAIN Capital, foreign exchange electronic communications network (ECN) GTX sold to 360T. The move marked a continued expansion on part of the German company’s business in the FX space and marks the continuation of the move of institutional level FX trading businesses to exchanges.