360T, a best-in-class global Foreign Exchange (FX) trading platform and technology provider, and CobaltFX, an innovative FinTech firm providing marketleading infrastructure solutions, have partnered together to expand the number of credit models available to market participants trading on 360T’s Swaps User Network (SUN).
360T SUN, which already offered FIX API and a pre-trade Limits Monitor tool to remove the need for manual credit checks and facilitate automated FX Swaps trading, is now also able to leverage CobaltFX for dynamic credit allocation.
CobaltFX, part of United FinTech, initially developed a dynamic credit model to enable market participants to use one single credit limit to drive multiple market access points for trading Spot FX simultaneously and dynamically in real-time across ECNs and Single-Dealer Platforms.
The firm subsequently partnered with 360T to develop its new Potential Future Exposure (PFE) model, which can similarly be used to dynamically monitor and optimise Forward limits, allowing firms to execute in an automated fashion on 360T SUN.
“This partnership with CobaltFX is incredibly exciting because it provides an additional way to address what has historically been the primary challenge for sell-side firms seeking to leverage the 360T SUN platform to minimise costs, reduce operational risks and utilise capital efficiently: access to credit,” said Robin Nicholas, Head of Swap Product at 360T.
Sebastian Hofmann-Werther, Chief Revenue Officer FX & Digital and Head of EMEA at 360T added: “360T SUN tackles one of the key challenges in FX Swaps automation—credit line management—by offering bilateral automated credit models that remove the need for manual credit checks. The platform now also integrates with CobaltFX’s dynamic credit allocation, expanding its credit model options and making it easier for market participants to access continuous mid-market streaming prices for FX Swaps.”
Darren Coote, CEO of CobaltFX, commented: “This partnership with 360T SUN directly aligns with CobaltFX’s goal of providing innovative new market infrastructure solutions designed to enable global Financial Institutions to access deeper liquidity, while also deploying less credit and minimising operational risk.”
Andy Coyne, Founder of CobaltFX, said: “We recognised that FX market participants looking to trade FX Swaps in an automated fashion needed additional tools for dynamically managing credit, not just across Spot FX but also Forwards, and were duly able to deliver a first-of-its-kind solution to enable this.”
