360T: FX venues, broker pricing technology and market data

360T combines institutional FX trading venues with execution, pricing and workflow software for banks, brokers, investment managers and corporate treasuries. The business is part of Deutsche Börse Group. A broker can use its market access, distribute liquidity through a branded service, or automate its own pricing and hedging; those are different operating roles within the same provider.[1]

The broker administration model supports straight credit accounts, prime brokerage and margin-account dealing. In the documented back-to-back arrangement, a client request reaches multiple banks and the broker can add a spread. The banks face the broker/dealer as counterparty. That arrangement does not give every underlying brokerage customer a direct bank trading relationship, and the broker’s credit and margin structure remains central to the service.[2]

SuperSonic Trader aggregates disclosed and anonymous streaming spot liquidity. It combines streaming and RFS prices for full-amount execution and supports limit, stop, OCO and If-Done orders. Its routing controls include acceptable slippage and a user-defined retry window; trader, organisation and counterparty limits constrain access. These are configurable execution tools, so a low quoted spread alone does not describe the behaviour of a particular routing setup.[6]

The broker service exposes FIX and proprietary APIs for prices, trade requests and confirmations, with straight-through-processing links to position keeping, accounting and Traiana Harmony prime-broker workflows. Its audit trail captures the competing quotes available at execution. This supports reconciliation of what the broker requested, what liquidity was available and what was ultimately traded.[2]

MMC rules can change prices, hedge exposure or reduce and close positions when position-size or profit-and-loss conditions are met. Its blotters distinguish client orders from outgoing hedge orders; the stop-all control halts pricing. A broker deploying this engine is authorising trading actions as well as receiving market information.[9]

EMS provides user/group routing permissions and validation of market-data tolerance and slippage. Portfolio workflows can net exposures across currencies, preserve residual amounts and send allocations downstream. It also supports recording voice/offline trades and their competitive quotes, allowing electronic and manual activity to feed the same operational process.[3]

The public EU and UK MTF schedules are effective 1 August 2026. Rates below are euros per EUR million traded, pro rata; category minimum fees are shown separately. Maker categories use quarterly assessments of rolling four-quarter group activity. These are selected category rates, not a universal broker commission.[15]

UK invoices convert euro fees to GBP at month-end. The full broker arrangement also needs technology, data, connectivity and credit terms; the I-TEX SaaS page, for example, publishes no numerical licence price.[16][7]

For UK MTF access, members provide compatible systems and notify 360T of aggregator use; API access is restricted to supplied IP addresses. The rulebook prohibits direct electronic access. Algorithmic systems require conformance testing before deployment or substantial updates, including order changes, cancellation, disconnect handling, throttles and recovery. A dedicated environment supports disorderly-market simulations.[14]

The broker offering includes a separate test environment. A useful integration sequence follows its actual transaction chain: ingest the request, route it to the agreed counterparties, apply the broker’s spread, capture the execution and send the confirmation into position and accounting systems. The public page does not specify a universal number of implementation days.[2]

I-TEX is distributed as a hosted SaaS service with branded client access and a common order-management environment. Its advertised rapid installation does not remove the work of defining pricing rules, permitted products and the closed user group. Those settings determine which clients can request prices and how the dealer responds.[7]

360T routes technical and business enquiries through Client Advisory Services in EMEA, the Americas and Asia-Pacific. I-TEX advertises round-the-clock availability and support across time zones, while its pricing access is described as 24/5. The published pages do not provide a measured uptime percentage or a contractual incident-restoration clock.[23][7]

The MTF/SEF overview places UK regulated activity with the UK entity from 1 January 2024 and separates EU MTF products from US SEF swaps. Ordinary spot FX is outside the MiFID MTF service. Access to a group platform therefore does not mean every trade uses the same venue, legal entity or regulatory perimeter.[18]

The linked EU MTF rulebook is more specific than the broad product catalogue: rule 10.2 says that, until further notice, only FX Strategies and Non-Deliverable Strategies are available. Its definitions describe two-legged swaps with separate ISINs for each leg. An available product name or fee line should therefore be read with the actual admitted instrument and its reporting treatment.[13]

360T was founded in 2000 and launched TEX in 2001. Deutsche Börse acquired the business in 2015; the group subsequently added GTX in 2018. Its development broadened from multi-bank execution into an EMS, streaming markets, market-data services and analytics. The company history records the launch of its 3DX digital-asset exchange in 2025.[21]

The website’s legal provider is 360 Treasury Systems AG, headquartered at Grüneburgweg 16–18 in Frankfurt and registered under HRB 49874. That corporate identity sits behind the 360T brand; the separately named venue companies remain relevant to the contract used for a particular service.[22]

Operator

360 Treasury Systems AG; separate UK and US venue entities

Service scope

Institutional FX venues, execution and pricing software, white-label distribution and market data; venue and credit arrangements vary by service.

Customer types

Banks; Brokers; Investment managers; Corporate treasuries

Delivery

SaaS; Hosted; API

Pricing publication

Public and quoted pricing

Headquarters

Frankfurt am Main, Germany

Platforms

TEX; EMS; Bridge; SuperSonic Trader; 360TGTX; 360T SUN; I-TEX; Automated Dealing Suite; Market Maker Cockpit; Vantage

Integrations

FIX and proprietary APIs; OMS/TMS workflows; Traiana Harmony; GTX and SST APIs; Dedicated FIX market-data feeds

Pricing scope

Public EU/UK MTF schedules effective 1 August 2026; other technology, data and credit arrangements are separately priced.

Implementation

Broker test environment; UK MTF API restrictions and algorithmic conformance testing apply to the relevant access model.

Support

Regional Client Advisory Services; I-TEX advertises 24h support across time zones.

Permissions and regulatory scope

BaFin names the German operator and current venue permissions; CFTC lists the US SEF as Registered. UK FCA scope is attributed to 360T disclosure. These are separate entities and venue perimeters.

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The clearing offering links futures and eligible OTC workflows, including blocks, EFPs and NDFs. Central clearing can consolidate positions by instrument and value date; listed access through Eurex includes FX futures and options. It changes the credit structure by replacing bilateral relationships between each trading pair with the applicable clearing arrangement. Its margin economics still depend on the product and clearing portfolio.[12]

360T’s privacy notice treats the platform business as a data-controller activity and covers client-representative details, trading records and relevant identity checks. It describes statutory retention periods of two to ten years and possible longer preservation for legal claims. Erasure rights therefore do not establish immediate deletion of a former member’s trading history or regulatory records.[24]

A UK MTF member may resign with at least thirty days’ written notice. Fees, transaction obligations and responsibility for earlier conduct survive termination. That membership rule does not set a universal cancellation period for a separate data licence or white-label subscription.[14]