Union Investment Executes FX Futures Block Trade Through 360T
Posted by Colin Lambert. Last updated: September 28, 2023
Union Investment has executed its first block FX futures trade through Deutsche Börse’s 360T, the deal was processed directly into sister company Eurex for clearing, with Deutsche Bank acting as the liquidity provider.
360T says that union Investment is also implementing the 360T Execution Management System (EMS) to further enhance its execution capabilities.
As the FX industry continues to come to terms with regulatory change, especially in the forwards market, 360T says it expects block trades, which allow banks and their clients to maintain their disclosed bilateral relationship trading models while also leveraging the benefits of central clearing, will become increasingly attractive to participants.
“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,” says Rico Milde, head of FX trading at Union Investment. “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.”
Hilko Kalberlah, head of DACH FX sales for institutional clients at Deutsche Bank, adds, ”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.”