Deutsche Börse’s 360T went live with its UK-based multilateral trading facility (MTF) this week, having developed the offering following the UK’s departure from the European Union (EU).
Speaking to The TRADE, Simon Jones, chief growth officer at 360T, explained: “At 360T, we have always strived to ensure that we offer market participants a trading environment that meets the highest standards of regulatory adherence and industry best practice.
“In order to ensure the same for UK based clients after the official withdrawal from the European Union (EU), we had to create a new subsidiary: 360 Trading Networks UK Limited (360T UK), which has now gone live with the new UK MTF.”
The platform – 360T UK MTF – offers trading in all foreign exchange financial instruments except spot FX, specifically: FX swaps, FX options, FX non-deliverable swaps (NDSs), FX forwards, and FX non-deliverable forwards (NDFs) via the 360T UK MTF.
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According to the business, each member on 360T UK MTF must qualify as an eligible counterparty or professional client under Mifid rules, as well as meeting the eligibility criteria outlined by 360T, which includes adequate execution, order management and settlement systems, and pre-trade and post-trade controls.
As regards US entities, membership is dependent on their qualification as an Eligible Contract Participant (ECP) as defined in the commodity exchange act.
Last month, the Ontario Securities Commission (OSC) granted 360T a regulatory interim exemption in Canada for UK MTF which ensures that Canadian FX market participants are permitted to trade on the platform.
This exemption is pursuant to certain conditions from the OSC, including that 360T maintain its compliance with FCA requirements, only offer access to Ontario users for trading in the aforementioned FX products, and provide information on the platform’s state of play as and when requested, subject to any applicable privacy or other laws.
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360T’s European MTF has been operational in Canada under another exemption from the OSV since 2019, while the 360T swaps execution facility (SEF) has operated in the country with an exemption order since June 2016.