As first mentioned last month, the multi-bank FX platform 360T has now been sold to exchange operator, Deutsche Boerse for €750m ($805m), beating off interest from rival exchange operator CME Group.
The transaction, which was announced today (Sunday), is the latest in a string of recent FX platform transactions, which I guess started with FXall being bought by ThomsonReuters back in 2012, and which may well see FastMatch as the next target, with exchange operator ICE as rumored suitor.
Table showing relative costs of platforms in terms of (A) $bln daily vol, (B) cost/institutional client
Although not confirmed, I would think CME group was attracted to 360T’s dealer-client franchise. As it played to the client clearing capital efficiency proposition that CME has been developing, helping to facilitate bank-client trading relationships by mitigating counter-party risk, rather than competing for the execution of the transaction.
So, having lost out on 360T, it’s certainly possible that CME may cast an eye over Fastmatch as it would also open new clearing opportunities.
Filed under: Client Clearing, CME, FX, ICE, Paul Blank, Regulation |
SingleDealerPlatforms.Org 
360t number is in euro. In the table you have it in usd
Hi Kamil,
Thanks for spotting that, I have now updated the table,
Kind regards
Paul
what about other players like Currenex, FX SpotStream or Integral….are they on the block as well….
Hi There,
I haven’t heard anything about other platforms, which doesn’t mean that there haven’t been any discussions about disposals, but nothing I am aware of recently.
Regards
Paul