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FX Clearing at 360T

Discretionary FX Clearing plays an important role as the FX industry turns its focus onto the mitigation of the balance sheet and client portfolio cost impact.

Using 360T to access multiple FX Clearing products and services you can:

  • Optimise your operations and margin/collateral: With the multi-lateral netting Central Clearing brings, you can face and service a single position per instrument (e.g. currency pair and value date), rather than servicing individual lines with each of your bilateral counterparties.
  • Clear some of your FX exposure to exclude those positions from your AANA (Average Aggregate Notional Amount) which defines whether and when you are subject to the burden of UMR (Uncleared Margin Rules).
  • Enjoy lower margin rates from a Clearing house than the equivalent margined position held against a bilateral counterpart.
  • Use our FX futures propositions to gain maximum access to trading counterparts for your cleared FX, without the need to have a bilateral credit relationship (ISDAs, CSAs, credit line) with each.
  • Be selective – with no Clearing mandate you don’t need to clear all of your FX, so get setup to make informed choices to use the right FX clearing products and services for each trade in order to add the most portfolio value to your business.

With multiple FX Clearing products and services available, let the Deutsche Boerse Group FX team help you navigate the market in terms of the right liquidity in the right services, considering:

OTC FX Clearing – where you and your counterparty submit an existing OTC FX trade into the clearing house, where it novates so you both face the clearing house as counterpart through the rest of the life of that trade.

FX Futures – where you use built-to-clear FX product liquidity to establish your cleared FX positions. While 360T supports the traditional route of order management where you trade Futures in the exchange orderbook (an all-to-all CLOB), 360T’s innovative off-exchange functionality also lets you face counterparts bilaterally to negotiate futures trades in whatever size required, with these subsequently sent to the exchange to “print” (execute and clear) – while still gaining the efficiencies of a single netting set at Eurex Clearing for your FX ETD (exchange traded derivatives) positions.

Clear FX trades you have executed against your OTC counterparts

  • No change to existing execution models
  • Backload existing positions
  • Integrated 360T flow with full STP from execution into clearing (FX Spot, Forward, FX Swap)

Trades are negotiated bilaterally, then subsequently cleared

  • Part of Eurex OTC Clear
  • FX Spot
  • Outright Forward
  • FX Swap
  • Cross Currency Swap
  • NDF

Contact us to discuss:

  • Self-clearing deliverable OTC FX spot, forward, swap
  • Becoming LP to face cleared OTC FX clients
  • Best outcome pricetaking using OTC FX Client Clearing
  • Providing access to OTC FX Client clearing

Bridge the gap between OTC FX and on-exchange products, using 360T’s bilateral disclosed FX Futures execution

  • 360T RFQ/streaming execution models
  • Outright buys&sells as BLOCK Futures transactions
  • EFP transactions to move OTC positions into Futures, and vice versa
  • Perfect for large orders that need more liquidity than is available in the exchange orderbook

Orders are negotiated bilaterally, then given to the exchange to print

  • Eurex FX Futures+Options
  • Monthly and quarterly (IMM) value dates
  • Rolling Spot Futures
  • Flex futures (any value date)
  • Listed FX Options
  • Flex FX Options

Contact us to discuss:

  • Becoming an LP for off-exchange futures in size
  • Becoming a streaming LP for off-exchange futures
  • Using 360T MMC (Market Maker Cockpit) for futures pricing
  • Finding more LPs and liquidity for your Futures trades
  • Providing access to FX Futures clearing
  • Using EFP transactions to move between OTC FX and Listed FX

Trade in the exchange orderbook with all-to-all firm liquidity with everybody facing the same price

  • Transparency – price discovery, reporting
  • Firm pricing that is equally available to all exchange participants

Totally undisclosed, the exchange matches buyer and seller of each order

  • Eurex FX Futures+Options
  • Monthly and quarterly (IMM) value dates
  • Rolling Spot Futures
  • Listed FX Options
  • Flex FX Options

Contact us to discuss:

  • Taking liquidity from the exchange orderbook
  • Becoming a FX Futures LP at Eurex
  • Providing access to FX futures clearing
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