360T has announced the completion of the first trade in streaming NDFs.
Launched via the 360TGTX platform, the new streaming service has been designed to complement 360T’s disclosed ‘Request for Stream’ offering and the firm says it is a response to market demand for an alternative hedging venue. It supports both disclosed and anonymous trading and is initially available to those firms executing off-SEF, with an on-SEF version anticipated in Q1 next year.
In a release issued today, 360T says that the launch of streaming NDFs comes at a time when the major liquidity providers are expanding their algo offerings to include NDFs.
“It is clear from the latest surveys and client feedback that the NDF market has evolved significantly over the last few years. Streaming NDFs in the ECN space is a logical evolution and we believe there is space for a faster, more flexible offering. Couple the GTX technology with the 360T franchise and we have a truly differentiated client and interdealer offering,” says Simon Jones, chief growth officer at 360T.