OTC or Listed FX – it’s Your Choice
Whether you are already using exchange-traded FX or you are just starting to consider it, 360T offers you the tools to access the full range of Eurex FX Clearing directly from your 360T trading environment. There are several ways to clear FX. So whether you want OTC Clearing for your Non-Deliverable Forwards (NDFs), or to use relationship-trading models for FX Futures as “Block trade” outright buy/sells, or the Exchange for Physical (EFP) translation layer to move between OTC and Listed FX markets, 360T has got you covered.
FX clearing brings many advantages from access to counterparts where you do not have a credit relationship, to the use of a single netting set and counterpart to optimise your operational and margin burden. The overall savings from Clearing can be substantial, with regulation favouring cleared positions over bilaterally held in terms of beneficial capital efficiency, lower margin calculations, and no inclusion of cleared FX in your AANA calculations to determine your UMR burden. However, as you still need to consider what liquidity you face when clearing, 360T gives you the range of tools you need for bilateral pricing, exchange pricing and transactions such as EFP that combine both bilateral and cleared, to achieve your best cleared trading outcome.
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Use 360T to Trade a Range of Different FX Futures Products
When accessing the Eurex order book directly from 360T, you have the option of using the Classic FX Futures with monthly and quarterly deliveries, our innovative Rolling Spot Futures contract or off-exchange liquidity pools for trading Block Futures and EFPs. For those times you want to use Futures, but you still want to bilaterally face a panel of Liquidity Providers in a disclosed model, you can use your 360T request for quote and streaming mechanisms for this.
Find out How You Could Benefit from Central Clearing
Central Clearing offers a well-estbalished mechanism through which firms can help reduce the overall capital costs associated with their FX trading activity. It offers advantages such as greater operational efficiency through increased netting opportunities, lower margin rates compared to holding bilateral positions and access to a broader universe of counterparties to trade with.