Deutsche Borse’s 360T has launched HyperSonic, an aggregator and order book for spot trading across its disclosed TEX and undisclosed 360TGTX market places.
By creating a common orderbook for the broad franchise that 360T has spent the past 20 years building, the firm says HyperSonic “substantially increases” the range of spot FX liquidity that participants can interact with through one single point of entry.
360T adds that the new product reverses the trend of fragmentation of market models
by using unified technology to stitch previously fragmented pools of liquidity together. “Crucially, with support for bilateral and facilitated credit and our signature liquidity protection mechanisms, HyperSonic allows all this liquidity to interact without compromising expected outcomes or affecting the trading styles of different market participants,” the firm states. “The end-result of this is a marketplace that will add more value than the sum of its constituents.”
The first set of clients are live, with all clients expected to be gradually migrated to the HyperSonic backbone by Q3 2021. In the meantime, 360T’s existing platforms, including SuperSonic, will continue to be fully compatible and act as access points to this broader marketplace.
“HyperSonic enables us to leverage 360T’s unique franchise to deliver significant benefits to everyone within it by bringing previously siloed pools of Spot FX liquidity together in one place,” says Simon Jones, chief growth officer at 360T. “To maximise the effectiveness of HyperSonic we had to invest significant time and resources into ensuring that we created the fastest matching technology available in the industry today and through this roll out, make it accessible to all our clients across the business.”