360T live with order-management tool

July 27th 2009

FRANKFURT – German multi-dealer trading vendor 360 Treasury Systems (360T) last Monday (July 20) went live with an enhanced order-management tool on its cross-product trading platform, 360T TEX.

The tool enables automatic order routing and auto filling, and introduces a margin trading capability for institutional clients, including a position-keeping functionality. The enhancement means trades can be conducted by subsidiaries and automatically routed through headquarters for market execution without manual intervention. Previously, a corporate or asset management subsidiary in a closed user group would have to first send trades to its headquarters, where they would be manually executed.

The vendor has been working on the upgrade since July last year. Testing started in May, both internally and at a number of corporates and market-taker banks. In May the platform also began offering electronic pricing for block trades, and trades with multiple entities and tenors.

Carlo Kölzer, chief executive at 360T in Frankfurt, said block trades were introduced on the platform in January but with manual pricing. In May, four banks went live with automatic pricing.

Kölzer said the vendor has seen a year-on-year increase of about 40% in trading volume, partly due to new customers, which include market-taker banks based in Asia, Europe and the US that previously only traded via phone. He added that some new clients were coming in from single-dealer platforms attracted by the ability to compare prices and products on one interface.

"Some customers have not been doing electronic trading at all, and are attracted to the idea of transparency and the integrated risk management" said Kölzer.

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