DEUTSCHE BÖRSE GROUP’S FOREIGN EXCHANGE UNIT 360T ACQUIRES GTX ECN BUSINESS
Frankfurt am Main – May 30th, 2018 – Deutsche Börse Group’s Foreign Exchange unit 360T is expanding its participation in the global FX market and presence in the US by acquiring the GTX ECN business from GAIN Capital Holdings Inc. A purchase agreement was signed on May 29, 2018. The transaction valued at $100 million is expected to close in the second quarter of 2018. To reflect the importance of the GTX brand and its place in the 360T product suite, the company will be renamed to 360TGTX.
The deal combines two market leading FX venues to create one of the largest and most diverse OTC FX marketplaces. GTX complements 360T’s existing product suite by adding access to deep FX Spot liquidity supported by professional financial institutions. The combination will enable 360T to expand its services in the wholesale, Liquidity Provider to Liquidity Provider market segment alongside its existing and highly successful Liquidity Provider to Client and enterprise level eFX solutions businesses. The combined offering will support both disclosed and anonymous OTC FX Spot, Forwards, Swaps, NDF’s and Options across a combination of regulated and OTC trading paradigms, facilitated by innovative bilateral and CCP credit management capabilities. 360T and GTX currently provide FX solutions to over 2000 global clients that operate out of more than 75 countries around the world.
Carlo Kölzer, Head of FX Deutsche Börse Group and 360T CEO, said: “Our first priority is to continuously enhance our solutions in order to service our global customers with the most complete and technologically advanced product offering available in the market. The acquisition of the GTX ECN business, a highly reputable player in the FX market, is a meaningful addition not only to broaden our existing offering but also to complete our holistic value proposition, designed to support all clients that operate out of all geographies and client segments based on current or potential future market structure. The combination of both firms will further enhance 360T’s presence in the Americas with over 40 FX professionals supporting our combined clients in the US, Canada and Latin America.”
Glenn Stevens, GAIN Capital CEO said: “We are thrilled to complete this mutually-beneficial transaction as it will both strengthen GAIN’s ability to invest in our business and achieve our long-term strategic objectives as well as further advance 360T’s mission to provide a holistic solution set for its global clients. With over 150 unique institutional clients, GAIN has successfully built GTX as a venue for trading in FX for the global investment community, including banks, brokers, hedge funds, and other key capital markets participants. We are pleased to be able to partner with Deutsche Börse Group’s 360T unit as their strong expertise in FX and complementary product set will enable a seamless client account transition and an opportunity to further accelerate the growth of the GTX platform.”
Vincent Sangiovanni, GTX CEO, said: “This is an exciting time for GTX. The acquisition is a testament to the business the GAIN and GTX teams have built together over the last eight years. We look forward to this next chapter for our business as 360T’s geographic distribution and complementary product set offer GTX an opportunity to continue to grow, while also continuing to provide both our existing clients with GTX’s unparalleled service.”
About GAIN Capital
GAIN Capital Holdings, Inc. provides innovative trading technology and execution services to retail and institutional investors worldwide, with multiple access points to OTC markets and global exchanges across a wide range of asset classes, including foreign exchange, commodities, and global equities. GAIN Capital is headquartered in Bedminster, New Jersey, with a global presence across North America, Europe and the Asia Pacific regions. For further company information, visit www.gaincapital.com.
About 360T Group
360T is an independent and globally-established trading venue. As Deutsche Börse Group’s FX unit, 360T provides a web-based trading technology for over-the-counter (OTC) instruments, integration solutions and related services. Since its inception in 2000, the company has developed and maintained a state-of-the-art multi-bank portal for foreign exchange, cash and money market products and FX/interest rate derivatives.
360T’s secure global transaction network enables clients to trade with greater transparency and enhanced control at every stage of the trading lifecycle. The company also offers licensing of a hosted white labelled trading technology between a scalable group of price-takers and either proprietary price providers or a rich choice of back-to-back liquidity sources. 360T’s buy-side clients are national and multinational corporate treasuries, institutional clients (asset managers, hedge funds, commodity trading advisors), broker/dealers and banks. The company is authorized under German law and regulated by the German Federal Financial Supervisory Authority (BaFin).
Headquartered in Frankfurt am Main, Germany, 360T maintains subsidiaries in New York (360 Trading Networks Inc), Singapore (360T Asia Pacific Pte. Ltd.), India (ThreeSixty Trading Networks (India) Pvt Ltd) and Dubai (360 Trading Networks LLC).
Further information: www.360t.com