Deutsche Börse expands 360T business with $100m acquisition of FX venue

Deutsche Börse will combine GTX ECN with 360T FX trading platform to form new 360TGTX business.

Deutsche Börse Group has agreed to acquire foreign exchange (FX) trading venue GTX ECN for $100 million as it looks to expand its FX business in the US.

The deal will see GTX ECN integrated with the exchange operator’s FX trading platform 360T to create one of the largest and diverse over the counter (OTC) FX marketplaces, according to Deutsche Börse.

The combined FX business, which will be renamed 360TGTX, will expand Deutsche Börse’s FX services in the market maker-to-market maker segment, and support both disclosed and anonymous OTC FX spot, forwards, swaps, NDFs and options.

“The acquisition of the GTX ECN business, a highly reputable player in the FX market, is a meaningful addition not only to broaden our existing offering but also to complete our holistic value proposition designed to support all clients that operate out of all geographies,” said Carlo Kölzer, head of FX at Deutsche Börse Group and 360T’s CEO.

“The combination of both firms will further enhance 360T’s presence in the Americas with over 40 FX professionals supporting our combined clients in the US, Canada and Latin America.”

GAIN Capital, which is selling the GTX FX venue to Deutsche Börse, described the transactions as mutually beneficial in terms of long-term objectives and the expansion of the 360T business.

“With over 150 unique institutional clients, GAIN has successfully built GTX as a venue for trading in FX for the global investment community, including banks, brokers, hedge funds, and other key capital markets participants,” said GAIN Capital’s CEO, Glenn Stevens.

“We are pleased to be able to partner with Deutsche Börse Group’s 360T unit as their strong expertise in FX and complementary product set will enable a seamless client account transition and an opportunity to further accelerate the growth of the GTX platform.”