Deutsche Börse has completed its acquisition of foreign exchange (FX) trading network 360T, having secured approval from the German Federal Financial Supervisory Authority (BaFin) and other relevant authorities.
The trading platform will be at the centre of Deutsche Börse Group’s global FX strategy, and will be developing and building on its existing business model. CEO of 360T, Carlo Kölzer will also join Deutsche Börse’s group management committee.
The two firms will work to develop a new electronic communications network trading venue for FX spots, which could potentially be used for derivatives instruments in the future. They will also enhance operational capabilities for FX exchange-traded derivatives, optimising distribution through 360T’s global reach.
CEO of Deutsche Börse Carsten Kengeter said: "360T’s impressive growth trajectory since its inception and its dynamically evolving position in the FX market makes it a substantial addition to broaden our asset class spectrum.”
“It is a great strategic fit. The deal underpins part of our ambition to become the global market infrastructure provider of choice.”
Kölzer added: “The combination of 360T´s in-depth FX industry experience and diverse customer base, in conjunction with Deutsche Börse’s larger scale, strength and credibility will allow us to become the global leader for listed and over-the-counter FX trading and clearing.”
“In a market where participants increasingly look for transparency, reduced capital costs, cutting edge trading and clearing solutions, our offering will be the most trustworthy and holistic one.”
The trading platform will still remain under the regulatory supervision of BaFin, and will operate under the existing management team. Legal agreements and obligations also remain unaffected.
