Our FX clearing solution can be applied to both FX Futures and OTC transactions.

We see discretionary FX Clearing playing an important role in the FX industry as firms increasingly turn their focus towards the mitigation of the balance sheet and client portfolio cost impact. Although there is no regulatory mandate to clear FX products, new rules and requirements being imposed on market participants mean that in many cases it will be more economically and operationally efficient for them to centrally clear at least some of the FX exposures in their portfolios rather than continue maintaining multiple bilateral relationships. While 360T has the ability to centrally clear OTC FX trades, we also offer access to FX Futures products which further augment the benefits of Clearing.

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Cleared FX Futures by David Holcombe, Product Lead for FX Futures and Clearing at 360T

Core Features

Increased Operational Efficiency

With the multi-lateral netting Central Clearing brings, firms can face and service a single position per instrument (e.g. currency pair and value date), rather than servicing individual lines with each of their bilateral counterparties.

Lower Margin Rates

Firms that are centrally clearing their FX trading activity can enjoy lower margin rates from the Clearing House than the equivalent margined position held against a bilateral counterpart.

Access More Counterparties

By using our centrally cleared FX Futures firms can significantly broaden the number of FX market participants that they can trade with. Central Clearing means that firms can trade without the need to have a bilateral credit relationship (ISDAs, CSAs, credit line) with each other.

OTC FX Clearing

OTC FX Clearing involves submitting an existing trading into our Clearing house, where it novates so that both counterparties involved in the trade face the Clearing house as counterpart through the rest of the life of that trade.
Clearing can reduce exposures that define whether firms are subject to the burden of Uncleared Margin Rules (UMR)
With no Clearing mandate in place, firms can be selective about which parts of their portfolios they want to clear.
Central Clearing for OTC FX requires no change to existing execution models and firms can backload existing positions.
We offer OTC Clearing for FX Spot, Outright Forward, FX Swap, Cross Currency Swap and NDF products.
360T can provide full STP from execution into Clearing for FX Spot, Forward and FX Swap products.

FX Futures Clearing

Our built-to-clear FX Futures products help further enhance the collateral and margin efficiencies offered by central Clearing.
FX Futures let firms trade in the exchange orderbook with all-to-all firm liquidity where everyone faces the same price.
Trading FX Futures offers greater transparency via easier price discovery and trade reporting capabilities.
Totally undisclosed, the exchange matches the buyer and seller of each order.
Through Eurex 360T offers listed trading in FX Futures and Options, monthly and quarterly IMM value dates, Rolling Spot Futures and Flex FX Options.