Deutsche Börse completes acquisition of OTC Forex platform 360T

Deutsche Börse today announced the completion of the acquisition of 360T. The deal, initially unveiled in July, values the trading platform at EUR 725 million ($829 million).

Deutsche Börse said today that the deal had gotten the nods of approval from relevant antitrust authorities and the German Federal Financial Supervisory Authority (BaFin). The trading platform will remain under the regulatory supervision of BaFin and will operate under the existing management team. Furthermore, 360T’s chief executive Carlo Kölzer will join Deutsche Börse’s Group Management Committee.

360T will be at the core of Deutsche Börse Group’s global Forex strategy. The 360T management team will be responsible for the further development and expansion of the highly successful business model. Current legal agreements with and obligations of 360T will be unaffected by its integration into Deutsche Börse Group.

Deutsche Börse CEO Carsten Kengeter commented:

“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.”

Carlo Kölzer, CEO of 360T, said:

“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 OTC 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 acquisition follows the trending FX industry logic towards global integrated infrastructure providers, adhering to the highest regulatory standards.”

Key synergies of the deal include: a new ECN-type trading venue for FX spot and potentially derivatives instruments, enhancement of the operational capabilities in FX exchange-traded derivatives and optimised distribution through 360T’s global sales force.

The transaction is set to be immediately accretive to cash earnings.

To view the official announcement from Deutsche Börse, click here.

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