360T SUN Offers 24-Hour API Pricing for FX Swaps

360T’s Swaps User Network (SUN) says it has become the first platform to offer round the clock API pricing for FX swaps, with Commerzbank now providing prices for G3 currencies and USD/CNH from the APAC market opening.

“As one of the pioneers of electronic API pricing for FX swaps, we’re pleased to now be extending this to include the Asia open,” says Marius Jubin, global head of forwards trading at Commerzbank. “We expect to see further growth and on-going standardisation in electronic forwards trading and are positioning ourselves to remain at the forefront of this marketplace.”

Jack Jiang, head of capital markets Asia at Commerzbank, adds, “Singapore is our regional headquarter for Commerzbank Asia. We have a fully-fledged development team, a quantitative team, a trading team and technical and business support, based here in Singapore. In addition, the bank’s global head of e-FX is also based here in Singapore. We are delighted to be an instrumental part of this global initiative.”

360T says the developments are indicative of the growing interest from regional currency experts in providing pricing on 360T SUN due to the improved price transparency and credit automation it offers. The platform leverages an indicative streaming mid-rate that comes from 360T and Digitec’s Swap Data Feed (SDF) and provides grey-book risk exchange at mid-market. 360T SUN also allows both GUI and API users to post resting bids and offers, using a choice of different automated credit models that remove the risk and latency of soft-matching.

In addition to Commerzbank, 360T says China Construction Bank’s (CCB) London Branch is also now providing liquidity in USD/CNH during the London trading hours in standard tenors out to one year.

“We are delighted to support 360T SUN’s USD/CNH initiative and welcome the venue as a new avenue for us to provide pricing and exchange risk.” says Chris Hall, head of trading at CCB London.

Robin Nicholas, head of swap product at 360T, adds, “Extending the API pricing on 360T SUN to provide continual interests across all market hours further enhances the value which the platform delivers to our global client base. Adding pricing for USD/CNH, meanwhile, is a strategic decision made on the basis of growing demand for swap liquidity in this currency pair.”