Multi-bank multi-asset platform provider 360T looks to expand its institutional business in the US.
The CFTC has granted its most recent SEF license to Frankfurt-based trading platform company 360 Trading Networks (known better in the industry as 360T). This is a little different than most of the other SEF application approvals made so far — mainly to swaps industry leaders in the US — as 360T is (mainly) a platform company, not a broker or trading facility.
360T has made a recent concerted expansion effort in the US, hiring FXall veteran Patrik Nagel as co-head of sales for the Americas, and Glenn Rosenberg as global product manager for the firm’s FX options business — both to be based out of New York.
360T is a private company based in Frankfurt, Germany, although it is controlled by US venture capital firm Summit Partners. Summit acquired a majority stake in 360T in early 2012. Summit knows the trading software space well, having been a pre-IPO investor in optionsXpress, which was acquired in 2011 by Charles Schwab for about $1 billion.
To see the complete CFTC press release regarding the 360T SEF license click here.