June 30th, 2008
ISSN 1050-0782
FX Week, London - New York

Nordea signs up to 360T

COPENHAGEN - Nordea has joined the 360 Treasury Systems (360T) TEX multi-dealer cross-product trading system, in response to a spike in interest among mid-cap clients for the platform, the bank said.

The Nordic dealer joins 54 other liquidity providers using the system, including Royal Bank of Scotland, HSBC, Dresdner, Citi, JP Morgan, Goldman Sachs, Bank of America and Société Générale. The six-year-old platform has daily trading volumes of about €12 billion in foreign exchange and €10 billion in money market products.

“We saw an increase in interest in the 360T platform from some companies and we simply followed the move,” said Kenneth Steengaard, head of e-markets at Nordea in Copenhagen. He said that, between late 2006 and early 2007, the Danish dealer saw a rapid rise in interest in the 360T platform from within its core customer base - the Nordic and Baltic market.

“These were mainly mid-sized corporates with affiliate structures, which have a central treasury with companies in different countries. 360T is very well suited for trading within the company, with trades being sent to a bank via a central treasury,” he added.

The bank has 30 clients trading on the system since going live in April. Other platforms the bank is connected to include FXall and Reuters Trading for Foreign Exchange. Steengard added, however, that Nordea only channels 35% of its business through external vendors, with the rest transacted on its proprietary platform, e-Markets.

Svenska Handelsbanken also went live in April but could not be reached for comment by the time of going to press.

Meanwhile, FXall said its platform has added more than 60 large customers so far this year, taking the total number of top-tier institutions on the platform globally to almost 1,000.

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