360T offers multi-leg swaps

November 13th 2008

FRANKFURT – Multi-dealer trading vendor 360 Treasury Systems (360T) is set to introduce multi-leg foreign exchange swap trading on its cross-product trading platform, 360T TEX, in response to client demand.

The vendor plans to launch the products today (October 13), two weeks after it launched FX block forwards trading on the platform. Around e12 billion worth of FX products, covering spot, forwards, forwards swaps, swaps and options, are traded on the platform daily by asset managers, banks and corporates (FX Week, June 30).

“The demand for the multi-leg swaps and block forwards contracts is mainly coming from corporates,” said Carlo Kölzer, chief executive at 360T in Frankfurt. “Sometimes corporates have cashflows based on underlying businesses that they are trying to meet, and they use this product for this.”

Multi-leg swaps enable users to trade multiple swaps with different strike dates and counterparties simultaneously.

The swaps will be available in all currency pairs traded on the platform, although Kölzer expects the trades to be concentrated in the G-12 currencies.

Meanwhile, the vendor has continued on its expansion programme to roll out the platform in Asia, the Middle East and the Americas.

The platform is being tested by 15 clients in Asia, which are expected to go live in the next four months. “We have about 40 customers in Asia already using the platform and we expect that to double over the next 12 months,” said Kölzer.

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