Deutsche Börse’s 360T has appointed Gavin Wells as head of swaps strategy. Starting at the beginning of February, he will be based in London and report to Simon Jones, chief growth officer at 360T.
Wells has previously run FX trading at Citigroup, led ForexClear at LCH and most recently was head of Europe at Digital Asset Holdings. He will work alongside Robin Nicholas, head of swaps product at 360T, in driving the 360TGTX MidMatch product, an extension of the 360T multilateral trading facility platform, which was launched officially in December.
The new swaps product offers a risk offset pool via its swaps data feed, providing members with the opportunity to reduce execution costs. 360T says the existing manual process in today’s FX swaps world will be replaced by new tools and functionalities, such as price streaming, partial fills, granular relationship management, automated credit models and full straight-through processing. The limit order book will stream an FX swaps independent indicative mid-market rate in G10, emerging market and non-deliverable forward currency pairs, allowing members to submit their interest to buy or sell with intent protection.
“To be able to attract someone of Gavin’s experience and track record in the FX industry is a reflection on the potential which the electronic FX swaps trading space represents over the next few years.,” says Jones. “We have invested heavily in 360TGTX MidMatch and are excited to have someone of Gavin’s calibre to help lead the initiative.”