Multi-lateral Trading Facility (MTF)
Welcome to the 360T MTF
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 most other countries globally. Your 360T account managers can advise where MTF is available or if any restrictions apply.
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: firstname.lastname@example.org
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 2 January 2018 – applicable to 1 January 2021 latest – 360T will provide the following post trade transparency information:
Deferred – details of all transactions to be posted on this website daily by 9.00 am local time for the business day closing 4 weeks previous.
Weekly – aggregated view, to be posted on this website each Tuesday by 9.00 am local time for the previous calendar week
In accordance with both the provisions of MiFID and the rules of the German Federal Financial Supervisory Authority (BaFIN), 360T MTF must make public a best execution report on a quarterly basis. The information must be made available within three months from the quarters end. Hence, for the quarter period 1 January to 31st March, 360T must publish the report by 30 June, and so on.
Pursuant to the MiFID provision, 360T MTF has the obligation to provide reference data to its home state regulatory authority, the German Federal Financial Supervisory Authority (BaFin). The reference data must contain all financial instruments that were requested through the MTF on each business day.
The scope of 360T’s reference data reporting might be of interest in particular for MTF members who have a transaction reporting obligation in accordance to MiFIR, Article 26 given that the collection of reference data by Competent Authorities is a prerequisite for the successful submission of subsequent transaction reports by MTF members.
For further information, please refer to the following document: