360T has made streaming mid liquidity via APIs available on its Swaps User Network (SUN), with Deutsche Bank and ING executing the initial trade.
According to 360T, this is the first time that two banks have been able to trade FX Swaps via API and match at the market midpoint.
In addition, 360T SUN is the only platform that currently offers a continuous streaming mid-price for FX Swap instruments.
“Establishing a marketplace that facilitates risk offset at the mid—market level signifies the next phase in the advancement of FX swaps trading,” said Shuo Wu, global head of forward e-trading at Deutsche Bank.
“This development finally delivers for the industry opportunities that have long been present in smaller markets, and empowers us to better cater to the rising client demand for access to these products.”
360T’s chief growth officer, Simon Jones, stated that the firm is confident that the development will mark a fundamental change in how banks trade FX swaps, opening the door to auto-hedging, aggregation and algorithmic execution. “360T SUN will ultimately allow our bank partners to better service their clients and enhance their own trading capabilities while unlocking further growth in the FX Swaps market,” said Jones.
Elsewhere, Simon Bevan, head of eFX trading at ING, added that trading FX swaps via API and executing at mid can deliver significant benefits: “The ability to auto price FX Swaps offers more efficient execution for our clients while enabling us to hedge our own risk better, and we’re delighted to now be deploying this technology,” he said.