360T, the foreign exchange (forex) subsidiary of Deutsche Börse, has introduced its newest product, dubbed ‘360TGTX MidMatch,’ to serve currency markets with independent streaming swap market data. The new tool is a fully automated FX Swaps limit orderbook with mid-rate matching capability. It also enables traders to leverage a GUI or API connection that replaces the manual processes that exist in the FX Swaps world today, all embedded into a MiFID II compliant product.
The initiative, which complements 360T’s existing MTF offering, allows members to submit interest to buy or sell without having to worry that other participants would know the direction of the order intent. Customers benefit from independent swap market rates, which ensure price transparency through an indicative mid-market rate while provides access to firm bid and offer Liquidity
Liquidity
The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
Read this Term.
360TGTX MidMatch is based on the venue’s Swaps Data Feed (SDF) product, which produces FX swap market information from the OTC market through a contribution model of liquidity providers developed in cooperation with the Germany-based company DIGITEC.
“The SDF is composed of twenty independent bank swap curves and delivers real-time data across the curve from O/N out to two years. Using sophisticated and transparent methodology, the SDF delivers not only market data for standard tenors, but also streams mid prices around IMMs, quarterly turns and broken dates. The 360T SDF is available in G10, EM and NDF currencies,’ 360T further explains.
360TGTX MidMatch, which already signed ANZ and Commerzbank, also unlocks functions that have been available only for spot markets, such as linked sensitivity orders, partial fills, granular relationship management, automated credit models and full STP.
Deutsche Börse expands FX focus
With this product expansion, Deutsche Börse is extending its market data offering to the FX market, helping close a gap in the market for swap data and also demonstrating the synergies it created together with 360T.
The move marks Deutsche Borse’s continued expansion motive in the foreign exchange space and institutional level trading businesses. It comes after nearly three years of Deutsche Borse’s foray into FX ECN of its own with the acquisition of 360T, which turned to be the center of the exchange’s global FX business. The FX institutional venue managed to achieve net revenue of €21.4 million during the first quarter of 2019 up 21.6 percent year-on-year.
Previous reports also suggested that Germany’s paramount exchange is mulling the acquisition of Thomson Reuters’ FXall, an electronic FX Trading Platform
Trading Platform
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term to corporations and asset managers.
“The ability to electronically exchange risk at mid, comes at an opportune time in the FX Swap market where low volatility has led to spread compression and dealers are looking for more advanced order types to help them manage their exposures,” said David Thorne, Head of eFX Trading in EMEA at ANZ.
360T, the foreign exchange (forex) subsidiary of Deutsche Börse, has introduced its newest product, dubbed ‘360TGTX MidMatch,’ to serve currency markets with independent streaming swap market data. The new tool is a fully automated FX Swaps limit orderbook with mid-rate matching capability. It also enables traders to leverage a GUI or API connection that replaces the manual processes that exist in the FX Swaps world today, all embedded into a MiFID II compliant product.
The initiative, which complements 360T’s existing MTF offering, allows members to submit interest to buy or sell without having to worry that other participants would know the direction of the order intent. Customers benefit from independent swap market rates, which ensure price transparency through an indicative mid-market rate while provides access to firm bid and offer Liquidity
Liquidity
The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
Read this Term.
360TGTX MidMatch is based on the venue’s Swaps Data Feed (SDF) product, which produces FX swap market information from the OTC market through a contribution model of liquidity providers developed in cooperation with the Germany-based company DIGITEC.
“The SDF is composed of twenty independent bank swap curves and delivers real-time data across the curve from O/N out to two years. Using sophisticated and transparent methodology, the SDF delivers not only market data for standard tenors, but also streams mid prices around IMMs, quarterly turns and broken dates. The 360T SDF is available in G10, EM and NDF currencies,’ 360T further explains.
360TGTX MidMatch, which already signed ANZ and Commerzbank, also unlocks functions that have been available only for spot markets, such as linked sensitivity orders, partial fills, granular relationship management, automated credit models and full STP.
Deutsche Börse expands FX focus
With this product expansion, Deutsche Börse is extending its market data offering to the FX market, helping close a gap in the market for swap data and also demonstrating the synergies it created together with 360T.
The move marks Deutsche Borse’s continued expansion motive in the foreign exchange space and institutional level trading businesses. It comes after nearly three years of Deutsche Borse’s foray into FX ECN of its own with the acquisition of 360T, which turned to be the center of the exchange’s global FX business. The FX institutional venue managed to achieve net revenue of €21.4 million during the first quarter of 2019 up 21.6 percent year-on-year.
Previous reports also suggested that Germany’s paramount exchange is mulling the acquisition of Thomson Reuters’ FXall, an electronic FX Trading Platform
Trading Platform
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term to corporations and asset managers.
“The ability to electronically exchange risk at mid, comes at an opportune time in the FX Swap market where low volatility has led to spread compression and dealers are looking for more advanced order types to help them manage their exposures,” said David Thorne, Head of eFX Trading in EMEA at ANZ.
