German fund manager Union Investment has executed its first block futures trade through 360T and is implementing the 360T execution management system (EMS) to boost its execution capabilities.
The trade was requested and priced through 360T and processed directly into Eurex for clearing. Deutsche Bank acted as the liquidity provider.
Union Investment head of FX trading Rico Milde said: “Given that we are a long-term user of Eurex FX Futures and have many trading relationships to manage, 360T – which offers us a range of specialist execution management capabilities – was a natural choice to partner with.
“We are confident that using the 360T EMS to manage all of our off-exchange Futures relationship-trading activity in a fully integrated setup will deliver significant benefits to our trading desk.”
With regulatory changes expected to increase costs associated with trading FX forwards across over-the-counter (OTC) channels, 360T expects off-exchange FX futures to become increasingly attractive to FX market participants.
Head of DACH FX sales for institutional clients at Deutsche Bank, Hilko Kalberlah, said: “We are thrilled to be the inaugural FX Futures liquidity provider for Union Investment on 360T’s platform. The seamless integration between 360T and Eurex empowers users to reap the advantages of central clearing while still enjoying the customisation of OTC FX execution models, in which Deutsche Bank can provide bespoke pricing.”
Sebastian Hofmann-Werther, head of EMEA at 360T, said: “We are pleased to be partnering with Union Investment. The seamless integration between 360T and Eurex is part of a strategic investment we have made into supporting Listed FX trading alongside our world class OTC offering and we are now able to provide access to a range of different FX Futures products to meet the various needs of our diverse, global client base.
“Meanwhile, we continue to see strong adoption of our best-in-class EMS by market-leading firms like Union Investment as they look for ways to continue expanding and enhancing their FX execution capabilities.”
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