Articles tagged by 360T
Multibank platform providers need to broaden the range of
liquidity options that they offer clients in order to thrive in the diverse FX
market ecosystem, said panelists at Profit & Loss' Forex Network New York conference.
There has been much discussion ...
360T has appointed
Minna Sousa as its new head of sales, Nordic.
Sousa will be based in
Stockholm and report into Alfred Schorno, global head of sales at 360T Group.
She and her team will
be tasked with client acquisition ...
Douglas Nevistich has joined 360T as a senior product
manager in the firm’s New York office.
As part of this role, Nevistich will be tasked with driving
360T’s product and innovation roadmap for the firm’s new OTC
Deutsche Borse’s FX trading platform 360T has launched a fully integrated trade confirmation solution in partnership with Bellin, a provider of Web-based treasury software and services.
The solution enables corporate treasuries and banks to automate the exchange and management of deal confirmations for their FX and money market deals via 360T’s Tex trading platform.
An integrated deal export client delivers all trades from 360T´s multibank platform to the confirmation system, in which clients can enter and transmit transaction data to their bank and receive the corresponding bank-side confirmations.
Carlo Koelzer, CEO of 360T Group and global head of FX at Deutsche Börse Group, talks to Galen Stops about the importance of building critical mass amidst the changing landscape of the FX market.
Galen Stops: It’s now about one year on from Deutsche Börse’s acquisition of 360T. Can you shed some light about why you agreed to the deal?
Carlo Koelzer: Prior to this deal we were a big trading platform in the market, but a small organisation in comparison to our competitors. When you look at the larger platforms in the market they’re backed by firms like Icap, Thomson Reuters, Bloomberg and State Street, all of whom had larger balance sheets than us.
Carlo Koelzer CEO of 360T and global head of FX at Deutsche Börse Group, talks to Galen Stops, deputy editor at Profit & Loss, about his plans for building a central limit order book and why central clearing is now a viable method for alleviating credit risk in FX.
Following its acquisition by Deutsche Börse Group last year, 360T informed its clients that it planned to add a central limit order book (CLOB) and futures trading functionality to its platform.
360T Group has appointed Jack Linker as the head of bank and hedge fund sales for the Americas. He will be based in New York and report into Matt O’Hara, CEO of 360T Americas.
Linker joins 360T after spending 14 years at Thomson Reuters (TR) in New York, where he was the head of FX liquidity sales and management for the Americas.
His role at TR involved leading the regional liquidity sales and account management efforts for wholesale, prime broker and B2C markets for FX spot, forwards and OTC derivatives.
360T has hired Sipho Simela to work in its real money sales team in New York.
Profit & Loss understands that in his new role Simela will be reporting in Jim Cochrane, who joined 360T as head of sales for the institutional real money client segment in May 2016.
Simela joins the firm from Charles River Development, where he had been working as a regional sales manager since 2015.
Prior to that, he spent six years at Bloomberg in a variety of roles, starting as a customer support analyst and then a trading solutions analyst before becoming an AIM hedge funds account manager and later an AIM global tier one sales and relationship manager.
360T Group has appointed Simon Jones for a newly created role – chief growth officer – and made him a member of 360T’s global executive board.
He will be based in London and reports directly to Carlo Kölzer, founder and CEO of 360T Group.
Prior to this latest role, Jones most recently ran the e-FX consultancy firm, PierrepointFX, which he founded in 2014 and focused on helping banks, brokers and funds optimise their e-FX solutions. Before that he was a managing partner at MakoFX until it was sold to Xenfin Group.
360T has revealed that it officially launched its undisclosed marketplace, 360T ECN, in April.
The firm claims that the new ECN will enable access to additional liquidity and trading styles, adding another complementary execution mechanism to its OTC FX trading offering.
Carlo Koelzer, CEO of 360T Group, says: "With the introduction of 360T ECN, our clients can take full advantage of accessing the entire variety of liquidity. Considering new regulatory and capital requirements, our ECN is the right solution for the future FX ecosystem, including the facilitation of the credit mitigation.
Douglas Nevistich has re-joined NEX (Nex) Group in New York.
He joins as a senior product manager after a brief stint at 360T, where he was also a senior product manager.
Prior to joining 360T in August 2016, Nevistich spent 16 years at Icap, which transitioned into Nex Group after it completed the sale of its voice broking business to Tullett Prebon in December 2016.
Nevistich was initially on the technology side of the business at Icap before moving on to product management, where he was the global API product manager and EBS market product manager for the Americas.
Roger McAvoy has been appointed as a senior vide president, market development, at Hong Kong Exchanges and Clearing (HKEX).
He joins from 360T where he was a director of institutional sales in the platform’s Singapore office.
In his previous role McAvoy was responsible for 360T Group’s acquisition sales and relationship management for OTC and listed FX electronic trading solutions across the Asia institutional buy side, including asset owners, asset managers, hedge funds, family offices, sovereign wealth funds and official institutions.
One of the things that makes FX a truly unique market is both its scale and the diversity of the market participants that operate within it. Asset managers, corporates, international banks, regional and mid-tier banks, hedge funds and prop trading firms from all around the world have a real need to access the wholesale FX market.
In many cases though, today, this access occurs via credit intermediaries. This intermediary model places fundamental constraints on the credit available to clients and, subsequently, on the counterparties that they can access.
Market sources tell Profit & Loss that Lisa Spiteri, regional manager, e-FX distribution for APAC, India, Japan and Korea for NEX Markets, has left the firm.
Spiteri has been with NEX in its EBS iteration for over 13 years, having joined the firm in 2004.
Prior to EBS, Spiteri worked at UBS and Credit Suisse over a seven year period in interbank sales, she also spent time as an FX trader at UBS and Swiss Bank Corporation in the 1990s.
If there’s one thing that has become abundantly clear over the past few years, it is that many OTC platforms have decided that they need to scale their businesses up and out in order to be successful in today’s FX market.
This was made abundantly clear in a press call today when Terry Duffy and Michael Spencer, respectively the CEOs of CME Group and NEX Group, talked about the logic behind their $5.4 billion tie-up.
“Effectively, what we’re building is a bigger supermarket,” said Spencer. “Why do people shop in supermarkets? Because it’s convenient to buy everything in one place.”
Profit & Loss sat down with Javier Alvarado, Monex Casa de Bolsa CEO, and Eduardo Gomez, Subdirector of Operations for FX at Monex, to discuss the group’s acceptance by CLS as the first Mexican member firm. Javier Alvarado: Monex started 32 years ago and has evolved from a very small FX house into a bank with the biggest international payments for private companies in Mexico. Monex is a public company that has close to 20% market share of international private payments in Mexico, with a base of close to 70,000 active customers around the world, 45,000 of which are private corporates and companies in Mexico.
360T has been selected by M&G Investments to provide streamlined workflow technology for order handling and execution, and, separately, has agreed a partnership with Crown Agents Bank (CAB), a global wholesale bank that specialises in emerging markets.
In a release issued today, 360T says that the key to the selection of its Execution Management System (EMS) workflow solution by M&G was its stated commitment to develop the service to meet the cost, regulatory and best execution requirements of M&G while “engaging in an ongoing virtuous cycle of functional and capability innovation”.
Jim Cochrane has left his position as head of sales for the institutional real money client segment at 360T.
Based in New York, Cochrane had been with 360T since 2016, after joining from ITG where he worked as a managing director and senior product manager for FX transaction cost analysis (TCA).
In this prior role, which was also based in New York, Cochrane was the lead consultant at ITG for FX TCA to institutional investors, pension funds, sovereign wealth funds and hedge funds. He also managed global sales for a multi-million dollar analytics product and algorithmic solutions for foreign exchange and electronic trading.
360T has appointed Randy Rupan as head of spot for the Americas, Robin Nicholas as swap product manager and Paul Lonsdale as liquidity manager for the Americas.
Rupan’s primary responsibility at 360T will be for driving the regional spot and analytics business, with focus on the company's professional anonymous and bilateral spot trading venues. Based in New York, he joins the firm from FastMatch, where he worked for six years as head of institutional liquidity management. Before that, Rupan held senior roles at FXCM, primarily in the firm’s institutional business.
Deutsche Börse has further built out its OTC FX business with the announcement that its 360T unit, which is responsible for foreign exchange at the firm, has agreed to acquire the GTX ECN business from Gain Capital for $100 million – the deal is expected to close in the second quarter of 2018. The exchange group says, to reflect the importance of the GTX brand and its place in the 360T product suite, the company will be renamed to 360TGTX.
So the big news this week was that 360T has agreed to buy the GTX ECN for $100 million. This is obviously an interesting deal in a number of ways, and here are some of my initial thoughts.
Firstly, let’s look at the price per $1 billion of spot FX average daily volume (ADV).
We did a very rudimentary analysis of this when Deutsche Börse announced the purchase of 360T back in 2015 and found that it paid about $11.36 million per $1 billion dollars of spot FX ADV, compared to about $12.7 million per $1 billion of ADV paid by then-BATS Global Markets for Hotspot.
In the latest edition of Profit & Loss' podcast series, In the FICC of It, managing editor Colin Lambert and editor Galen Stops discuss some of the news stories that have hit the headlines over the past week. They discuss the surprising departure of Fastmatch CEO Dmitri Galinov, the drivers of latest deal in the FX trading platform world and the challenges and opportunities facing the CTA industry. They close out with a few quick thoughts on the first anniversary of the FX Global Code and as you would expect, they are "off message"!
360T, Deutsche Börse Group's FX unit, and Thomson Reuters (TR) have agreed to collaborate in order to enable pricing of Thomson Reuters FXall customers through 360T's rate engine technology.
Banks using the 360T pricing engine infrastructure, comprised of Market Maker Cockpit and Auto Dealing Suite, can now directly price their customers on the FXall multibank platform.
Landesbank Hessen-Thüringen (Helaba) is the first German financial institution to go live with the new connectivity. Through the interface, Helaba can quote customers on both the 360T and FXall platforms utilising 360T's FX price engine technology.
In this week's In the FICC of It podcast, P&L's editor Galen Stops tries to rein in a punchy managing editor Colin Lambert. So to find out what is a "social experiment" and what report "is a propaganda exercise" listen in. Along the way there will be more considered opinion and insight on the changing dynamic of the LP-client relationship, including a quick way to identify changing LP behaviour, as well as a look at what is, at face value, a surprising deal involving FXall and 360T.
In this week’s In the FICC of It podcast, Colin Lambert has another one of his “theories” – this time about why 360T bought GTX – and Galen Stops thinks he knows why CboeFX is doing so well.
They also rail against PR-speak when looking at this week’s news from the crypto and corporate world and ponder the value of corporate treasuries turning themselves into professional FX trading units.
They close out by discussing the possibilities of voice activated trading by creating “eFXa” (Trademark pending) and P&L’s managing editor looks to continue his stellar* run of World Cup predictions by tipping yet another surefire winner.