360T has launched a fully automated FX swaps limit orderbook with mid-rate matching capability, called 360TGTX MidMatch.
It offers a fully visible limit orderbook that will allow market makers to stream curves out to two years, while the Swaps Data Feed that 360T has spent two years developing with 20 bank partners, will act as mid-reference for grey-book risk exchange. As a Multilateral Trading Facility (MTF), 360TGTX MidMatch is designed with full audit and surveillance capabilities, as well as the full reporting suite required of regulated venues.
ANZ and Commerzbank were the first banks to execute trades on the new service.
“We are pleased to be part of the launch of a product that will improve transparency and help to further develop digital access for our clients,” says John Juer, head of FX & rates flow at Commerzbank.
David Thorne, head of e-FX trading in EMEA at ANZ, comments “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.”
Simon Jones, chief growth officer at 360T, says: “This is a paradigm shift for the FX swaps market. Capabilities that have been available within the spot market and across other asset classes for many years will now be accessible in one of the most important and biggest markets in the world. We built this with both the trader and the auto-hedger in mind, allowing market takers to become market makers and greatly improving price discovery. Offering options which allow participants to fully automate the credit process has been a long road but this will change the way FX swaps are executed.”