A MiFID Compliant Trading Platform
360T’s Multilateral Trading Facility (MTF) provides market participants with a fully-regulated trading venue so that they can be certain of meeting all their compliance obligations.
At 360T we have always strived to ensure that we offer market participants a trading environment that meets the highest standards of regulatory adherence and industry best practice. To this end, our MTF enables firms to conduct their FX trading activity secure in the knowledge that this platform meets all of the regulatory requirements under MiFID II.
On 3 January 2018, the revised EU Markets in Financial Instruments Directive (MiFID) and the accompanying Markets in Financial Instruments Regulation (MiFIR) took effect as applicable law across all of the European Economic Area. With many accompanying technical standards and delegated acts, this legislation has come to be known as MiFID II. It is part of the EU’s legislative response to fulfilling on their G20 commitments to reform financial markets following the financial crisis of 2008. In particular, in addition to reporting and clearing, the G20 committed to starting a process of persuading financial markets users to shift their trading of Over The Counter derivatives onto electronic trading venues. The changes are intended to promote financial stability and are seen as means by which to increase accountability and transparency in the financial system.
In response to MIFID II, 360T has created an enhanced version of its OTC trading platform for which it has received authorisation as a Multilateral Trading Facility (MTF). Although based in 360T’s home country, 360T MTF is available in all European Economic Areas (EEA) Members States and in other countries globally. Your 360T account managers can advise where MTF is available or if any restrictions apply.
MTF Product Range
360T MTF offers trading in all foreign exchange financial instruments except for Spot FX as this falls outside the scope of the MiFID legislation. MTF offers trading in FX Forwards, FX Swaps, FX Options, FX non-deliverable Forwards and non-deliverable Swaps. 360T MTF provides clients with greater transparency and enhanced control at every stage of the trading lifecycle, and equally enables clients to comply with their own regulatory obligations where necessary.
If you are interested in exploring the opportunities presented by 360T MTF, then please contact your account manager or write to the 360T compliance department email below, who will provide you with a copy of the MTF Supplement Agreement and Rulebook.
Please email: [email protected]
Get the most out of MTF
Foreign Exchange (FX) is currently generically classified as being a non-liquid financial instrument. Consequently, in accordance with the provisions of the Market in Financial Instruments Regulation (MiFIR) and accompanying Regulatory Technical Standards (RTS), 360T MTF applied for and received on 21 December 2017 a waiver from the requirement to provide pre-trade transparency details. Given that 360T MTF is based on a Request for Quote trading model, it is believed that providing such transparency would not be in the interests of MTF market participants or the wider FX market.
360T will of course continue to evaluate the benefit of maintaining the pre-trade transparency waiver and to ensure that its MTF operations remain fully compliant with both the obligations and the spirit of MiFID II.
In accordance with both the provisions of MiFID and a general ruling issued by 360T home state regulatory authority, the German federal Financial Supervisory Authority (BaFin), on the 3rd of July 2023 and applicable until further notice, 360T will provide the following post trade transparency information: