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FX Futures

FX Futures are a built-to-clear FX liquidity proposition.

FX Futures are a built-to-clear FX liquidity proposition, but sometimes trading on-exchange with an all-to-all model does not let you retain all benefits of pricing bilateral trading relationships that have been built over many years of OTC FX activity.

To ensure your best futures outcome, combine your access to on-exchange liquidity with the 360T Off-exchange services that let you bridge the gap between OTC and Listed markets, agreeing Futures trades bilaterally with your counterparts, in any size, through our disclosed RFQ and Streaming execution models. Regardless of your execution model, you can still enjoy the highest efficiency of a single netting set at Eurex Clearing for all of your FX futures trades.

Clearing means you can face any other Clearing counterpart without a bilateral credit relationship, ISDA, CSA. We can help you find counterparts for this service.

360T sets out the new FX Futures liquidity proposition that removes typical liquidity and access barriers to the use of Futures.
By David Holcombe
Product Lead for FX Futures and Clearing
Rolling Spot Futures give you futurized cleared Spot liquidity with an automatic roll, all of which you can trade ON or OFF exchange through 360T.
By David Holcombe
Product Lead for FX Futures and Clearing
360T lets you access the OTC and Listed FX markets, side by side. For more information please download our brochure.

On-Exchange

  • Trading in the Exchange orderbook
  • Exchange members providing access for non-members
  • All-to-All model – where all participants face the same price
  • Firm liquidity – no last look, the exchange matches buyer
    and seller of each order
  • LPs fulfilling quoting obligations ensure liquidity 23h/day
  • Taker can sweep to trade up to the depth of the book
  • Full anonymity – totally undisclosed pre-at-post trade
  • Transparency of data and activity for price discovery
    and best execution

Off-Exchange

  • Futures trades agreed bilaterally, given-up to the exchange
    to print (execute and clear)
  • Exchange members providing access for non-members
  • Bilateral, relationship-based trading with fully disclosed
    models pre-trade (perfect fit with OTC FX models)
  • LPs have no quoting obligations, so can tailor the price to
    exactly suit their client’s request
  • Trading in any size based on relationship and requirements,
    means no constraint to the level of liquidity currently in the book
  • Indistinguishable from on-exchange trading positions once cleared,
    with full netting between on/off exchange positions
  • Outright buy/sells using BLOCK FUTURES, and EFP transactions
    to move OTC position into Futures (+ vice-versa)

Direct orderbook access – so you can trade On-Exchange

Limit orders managed through 360T for execution at the exchange

Ask for view-only access while your Eurex FX trading setup is being put in place

Streaming Block Futures pricing

Where as a price taker you can interact with your “enhanced orderbook” comprising the exchange pricing plus the bilateral liquidity available in your LP basket.

Where as an LP you can quote from your own pricing engine via existing 360T API, or use our Market Maker Cockpit to generate and control your futures pricing, to bilaterally face any 360T client without the need for a credit relationship with them.

Request for Quote/Stream Orders

Where as a price taker you can put your futures LPs in competition on each order. This is the perfect model for larger trades where you want an immediate risk transfer price, and/or you need to exceed the depth of liquidity currently available in the exchange orderbook.

Where as an LP you can use our Trader Worksheet to interactively price and negotiate futures orders with your disclosed clients

Currently all of the Eurex FX Futures are supported throughout 360T, meaning you can trade futures with a Rolling Spot exposure plus also the traditional “third Wednesday” Monthly and Quarterly (IMM date) futures expiries.

For more information about Eurex FX please click here.

For more information about any of the 360T FX Futures functionality, please contact David Holcombe at futuresandclearing@360t.com.

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