360 Trading Networks (360T) granted latest SEF license

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.

What is an SEF? The Dodd-Frank Act created the SEF concept as part of its general goal to increase transparency in the OTC derivatives marketplace. SEFs are regulated trading platforms that provide pre-trade information (bids and offers) and an execution mechanism for swap transactions among eligible contract participants. The deadline for SEF registration is October 2.

For a more detailed review of SEFs see papers put out on the subject by law firm Davis Polk and accounting firm PwC.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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