Frankfurt – June 30, 2021 – Monex has partnered with 360TGTX to launch the first local credit hub in Mexico for facilitating FX trading.
Many participants in the local Mexican FX market today face credit constraints which severely limit the amount and types of liquidity which they can access. This means that they are often not seeing the best pricing available and therefore endure suboptimal execution outcomes.
To solve this problem Monex has begun leveraging its incredibly strong credit profile and position as a member of CLS to act as a credit hub for the 360TGTX platform. This hub then enables any local firms in Mexico who have an established credit arrangement with Monex to use this in order to access the global liquidity ecosystem that is available on the 360TGTX platform.
The credit hub allows local firms to interact with a much wider array of top tier liquidity providers globally, so the pricing that they see on the platform is not impacted by their own credit profile. The end result is that users of the hub are seeing better pricing in MXN and other currencies from a broader range of liquidity sources.
“We are very excited to be announcing the launch of our credit hub because we believe that it will deliver many benefits to the FX market here in Mexico. Connecting more onshore and offshore FX liquidity will help to deepen liquidity in the Mexican peso, while local market participants will also benefit from being able to access a world-class technology platform in 360TGTX that is also fully compliant with the FX Global Code of Conduct and industry best practices,” says Javier Alvarado, CEO of Monex Casa de Bolsa.
“We are delighted to be announcing this new partnership with Monex, which we think represents a major milestone for the Mexican FX market. As the first Latin American financial institution to become a member of CLS, Monex holds a very unique place within the infrastructure of the local FX market. Leveraging this to access the 360T ecosystem, which includes over 2,200 trading firms across over 75 different countries, offers the potential for tremendous growth in the local onshore market. Ultimately, we see this as the next step in the evolution of FX trading in Mexico,” says Matt O’Hara, CEO 360 Trading Networks, Inc. (Americas).
The details of the new hub, including specifics about the benefits it can deliver to FX market participants based in Mexico, can be found in a new whitepaper published today which can be accessed here.
In addition, Alvarado and O’Hara will be speaking alongside Juan Garcia, Director of Domestic Operations at Banco de México, on a webinar, How Technology is Driving the Evolution of FX Trading in Mexico, taking place on July 8th at 4.00-4.45pm CDT/5.00-5.45pm EST.
Register here to join the discussion, which will include an interactive audience Q&A segment.
About 360T Group
360T is one of the globally leading trading platforms for Foreign Exchange (FX). As Deutsche Börse Group’s powerhouse for FX, 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. With over 2,200 buy-side customers and more than 200 liquidity providers across 75 different countries, 360T is uniquely positioned to connect the global FX industry.
Headquartered in Frankfurt am Main, Germany, 360T maintains subsidiaries in New York (360 Trading Networks Inc), Singapore (360T Asia Pacific Pte. Ltd.), Mumbai (ThreeSixty Trading Networks (India) Pvt Ltd), Kuala Lumpur (360 Trading Networks Sdn Bhd) and Dubai (360 Trading Networks (DIFC) Limited).
About Grupo Financiero Monex
A 100% Mexican company that offers high-quality financial products and reliable services to clients in Mexico and abroad. With a track record of more than 35 years in Mexico, Monex is an innovative firm, made up of three financial institutions: Banco Monex (bank), Monex Casa de Bolsa (brokerage) and Monex Operadora de Fondos (fund management). Through these it offers products for Corporate Banking (foreign-exchange, international payments, derivatives, business loans, digital accounts, leasing, online banking, cash management and investment) and Private Banking (securities market, mutual funds, international investments, trust services).
Monex has opened offices in Washington, New York, Los Angeles, Toronto and Houston, while Monex Europe has branch offices in London, Madrid, Amsterdam, Singapore and it recently opened a new office in Luxembourg.
360T Media Contact
+49 69 900 289 369