FX Futures by 360T offers an innovative and capital-efficient solution for foreign exchange hedging, designed to combine the best attributes of both Over-the-Counter (OTC) and Listed markets. As centrally cleared products, these futures present a highly cost-efficient alternative to managing and servicing bilateral OTC FX positions. Trading is conducted through a transparent central limit orderbook, which provides firm pricing and utilizes a single all-to-all pricing model, significantly enhancing price discovery. Historically, the Listed FX market has been smaller than the OTC market, partly due to a perceived lack of flexibility compared to OTC contracts. 360T addresses this by offering new FX Futures products, such as off-exchange liquidity pools for Block Futures and EFPs (Exchange for Physical), and Rolling Spot Futures, all accessible via the internationally recognized Eurex Exchange. These innovations are engineered to mimic the flexibility of OTC contracts while retaining the inherent advantages of the traditional Futures market, including regulation, transparency, and central clearing.

Features & Benefits

• Capital Efficient FX Hedging
  • Offers a cost-efficient alternative to bilateral OTC FX positions through centrally cleared products.
• Transparent Price Discovery
  • Utilizes a transparent central limit orderbook with firm pricing and an all-to-all pricing model for top-quality price discovery.
• Direct Orderbook Access
  • Allows users to manage limit orders through 360T for execution at the exchange, with an option for view-only access during setup.
• Streaming Block Futures Pricing
  • Enables price takers to interact with an "enhanced orderbook" combining exchange pricing and bilateral liquidity. Liquidity Providers (LPs) can quote from their own pricing engine via existing 360T API or use the Market Maker Cockpit to generate and control Futures pricing, facilitating bilateral client interactions without credit relationships.
• Request for Quote/Stream Orders
  • Provides price takers the option to put Futures LPs in competition for each order, ideal for larger trades requiring immediate risk transfer or exceeding current orderbook depth. LPs can use the Trader Worksheet for interactive pricing and negotiation with disclosed clients.
• On-Exchange Trading
  • Facilitates trading within the central exchange orderbook, offering specific benefits and characteristics.
  • All-to-All model where all participants face the same price
  • Liquidity Providers (LPs) ensure 23 hours/day liquidity through quoting obligations
  • Full anonymity pre- and post-trade
  • Firm liquidity with no "last look"
  • Transparency of data and activity for price discovery and best execution
• Off-Exchange Trading
  • Supports bilaterally agreed Futures trades that are given-up to the exchange for execution and clearing, offering flexibility akin to OTC.
  • Includes outright buy/sells using BLOCK FUTURES and EFP transactions to move OTC positions into Futures (and vice-versa)
  • Positions are indistinguishable from on-exchange trading once cleared, with full netting
  • Bilateral, relationship-based trading with fully disclosed models pre-trade, fitting OTC FX models
  • LPs have no quoting obligations, allowing tailored pricing to client requests
  • Enables trading in any size based on relationship and requirements, without constraint to current book liquidity