360T buys GTX

Deutsche Börse-owned 360T has acquired institutional ECN GTX from Gain Capital for $100 million in a deal expected to close in the second half of this year. Following the purchase, GTX will be renamed 360TGTX.

360T was bought by Deutsche Börse in July 2015, marking the start of exchanges acquiring FX trading platforms, which subsequently saw venues such as FastMatch and Hotspot being sold.

“Our first priority is to continuously enhance our solutions in order to service our global customers with the most complete and technologically advanced product offering available in the market. The acquisition of the GTX ECN business – a highly reputable player in the FX market – is a meaningful addition, not only to broaden our existing offering but also to complete our holistic value proposition, designed to support all clients that operate out of all geographies and client segments, based on current or potential future market structure,” says Carlo Kölzer, head of FX Deutsche Börse Group and chief executive of 360T.

The deal, signed on May 29, will see the GTX ECN and 360T trading pools combine to create an over-the-counter trading powerhouse, which will enable 360T to expand into the financial institutions space, expanding the venue’s dealer-to-dealer capabilities alongside its dealer-to-client suite.

“The combination of both firms will further enhance 360T’s presence in the Americas, with over 40 FX professionals supporting our combined clients in the US, Canada and Latin America,” Kölzer adds.

We are thrilled to complete this mutually beneficial transaction as it will both strengthen Gain’s ability to invest in our business and achieve our long-term strategic objectives

Glenn Stevens, Gain Capital

The combined offering will allow market participants to trade OTC FX spot, forwards, swaps, non-deliverable forwards and options, both on a disclosed and anonymous basis, across a combination of regulated and OTC trading paradigms, facilitated by innovative bilateral and central counterparty clearing credit-management capabilities.

360T and GTX currently provide FX solutions to more than 2,000 global clients operating out of some 75 countries.   

“We are thrilled to complete this mutually beneficial transaction as it will both strengthen Gain’s ability to invest in our business and achieve our long-term strategic objectives, as well as further advancing 360T’s mission to provide a holistic solution set for its global clients. With over 150 unique institutional clients, Gain has successfully built GTX as a venue for trading in FX for the global investment community, including banks, brokers, hedge funds and other key capital market participants,” says Gain Capital chief executive Glenn Stevens.

“We are pleased to be able to partner with Deutsche Börse Group’s 360T unit, as their strong expertise in FX and complementary product set will enable a seamless client account transition, and an opportunity to further accelerate the growth of the GTX platform,” he adds.

“This is an exciting time for GTX. The acquisition is testament to the business the Gain and GTX teams have built together over the last eight years. We look forward to this next chapter for our business as 360T’s geographic distribution and complementary product set offer GTX an opportunity to continue to grow, while also continuing to provide our existing clients with GTX’s unparalleled service,” says Vincent Sangiovanni, chief executive of GTX.