OSC grants an interim exemption for 360T’s new UK Multilateral Trading Facility

Canadian regulator, the Ontario Securities Commission (OSC), recently granted interim exemption to 360T’s UK Multilateral Trading Facility (MTF). The exemption is a step of crucial importance for the platform, as it will allow Canadian forex market participants to gain access to it and use it following its launch, scheduled for January 2, 2024.

Benefits of interim exemption for 360T

360T is a forex platform of Deutsche Borse Group. Until now, the platform had a Swaps Execution Facility (SEF), which became operational in Canada back in June 2016. Then, three years later, it also launched its European MTF. Both have since received exemption orders from the OSC.

With the interim exemption for the UK MTF, Canadian forex market participants will be allowed to trade a variety of instruments, including Swaps, Options, NDFs, NDSs, and FX Forwards.

According to the standing laws and regulations in Canada, any platform that offers derivatives trading services to entities based in the country — including forex forwards, swaps, and non-deliverable forwards — needs to be recognized as a Canadian exchange, as dictated by the Ontario Securities Act.

The interim exemption that the OSC allowed the platform is an important milestone, as it allows 360T’s UK MTF to operate even if it doesn’t meet this specific requirement. As such, it can still provide Canadian traders with access to a number of various FX trading services. The platform’s primary customers are different financial market participants, such as corporate treasuries, institutional investors, brokers, and banks.

The platform has a rather broad international reach, with its clients residing in more than 75 different nations. That includes both regional and large-scale corporate treasuries, asset manages, banks, and others. In total, its network connects more than 2,400 buy-side companies on a global level.

Meanwhile, 360T’s key offerings include EMS, or Execution Management System, as well as a product known as SuperSonic Trader. In addition, it also offers servies tied to market data, algorithmic trading, and analytics.

360T was a game-changer for Deutsche Borse

The move also represents the continuation of Deutsche Borse’s expansion into foreign exchange space and trading business on an institutional level. It also comes nearly seven years after the company started venturing into FX ECN, which led to the acquisition of 360T. Since then, the platform ended up being the center of the exchange’s global FX business.

Earlier this year, in November, 360T made headlines by teaming up with Virtu Financial. The goal of the partnership was to improve the forex trading experience for its users. The partnership allowed for the integration of Virtu’s advanced trading analytics, as well as its Transaction Cost Analysis (TCA) tool. As a result, 360T users now get to have detailed insights, which will allow them to optimize their trading strategies.