360T’s Automated FX Swaps Trading Platform
360T SUN, an automated FX Swaps limit order book, caters to swaps traders with real-time bilateral credit modeling and mid-rate matching via 360T’s award-winning Swaps Data Feed (SDF).
Tailored for the evolving FX Swaps landscape, it ensures essential elements of automation, efficiency, and transparency for market growth. With enhancements in market data, trade execution, and operational practices, the platform offers a secure trading environment. As a fully regulated Multilateral Trading Facility (MTF) adhering to FX industry best practices and a signatory to the FX Global Code of Conduct.
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Benefits
Price Transparency
An indicative streaming mid-rate, from the Swaps Data Feed, encourages members to exchange risk at mid-market in a dark pool. For those wishing to work their interest, resting bids and offers can be placed either side of the mid in a traditional limit order book, with rich functionality.
Surveillance
Comprehensive market surveillance reporting and robust rulebooks provide clients with confidence in the activities and conduct of other participants on the 360T platform.
Regulated Environment
360T SUN is designated as a Multilateral Trading Facility (MTF), meaning that market participants can trade on the platform secure in the knowledge that they are in compliance with the MiFID II requirements.
Relationship Management
Advanced relationship management tools offer visibility and enhanced controls. Users benefit from workflow efficiencies and electronic, fully auditable, and immediate changes.
Reduced Execution Costs
API connectivity brings execution efficiency and the opportunity to optimise credit decisions. The ability to execute at mid, and to move from a resting order to executing on a price stream further improves execution and can reduce cost and risk.
Efficient Use of Credit
Automated credit checks remove existing manual processes and provide real-time certainty of execution. Participants can choose between either an API connection to their own proprietary credit engines or 360T’s Limit Monitor, a parameterised risk management tool.
360T Differentiators
Indicative Streaming Mid-Rates
The indicative mid-market rate is provided via 360T’s unique Swaps Data Feed (SDF) allows members to submit interest to buy or sell in a dark mid book. The SDF delivers real-time data across the curve from ON out to 2 years in over 25 currency pairs, providing swaps market data in G10, EM and NDF’s. The limit order book also provides access to firm bid and offer liquidity.
Fully Automated Credit Model
The management of credit lines has, up until now, been one of the greatest challenges to the automation and growth of FX Swaps. 360T SUN solves this by operating bilateral automated credit models that remove the manual credit check for FX Swaps trading.
GUI and API access
We have a long and successful history of working with our bank partners across the entire 360T technology suite. Recognising that, we believe that supporting the continued growth of the FX swap market requires a model that offers harmonious access for both GUI traders and API automated trading. GUI access is via our existing Bridge platform and the 360T SUN API connects trading, market data, credit checks, and execution STP.