Source: Deutsche Bourse
Deutsche Börse Group’s Foreign Exchange unit 360T is expanding its participation in the global FX market and presence in the US by acquiring the GTX ECN business from GAIN Capital Holdings Inc.
A purchase agreement was signed on May 29, 2018. The transaction valued at $100 million is expected to close in the second quarter of 2018. To reflect the importance of the GTX brand and its place in the 360T product suite, the company will be renamed to 360TGTX.
The deal combines two market leading FX venues to create one of the largest and most diverse OTC FX marketplaces. GTX complements 360T’s existing product suite by adding access to deep FX Spot liquidity supported by professional financial institutions. The combination will enable 360T to expand its services in the wholesale, Liquidity Provider to Liquidity Provider market segment alongside its existing and highly successful Liquidity Provider to Client and enterprise level eFX solutions businesses. The combined offering will support both disclosed and anonymous OTC FX Spot, Forwards, Swaps, NDF’s and Options across a combination of regulated and OTC trading paradigms, facilitated by innovative bilateral and CCP credit management capabilities. 360T and GTX currently provide FX solutions to over 2000 global clients that operate out of more than 75 countries around the world.
Carlo Kölzer, Head of FX Deutsche Börse Group and 360T CEO, said: “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. 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.”
Glenn Stevens, GAIN Capital CEO said: "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 advance 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 markets participants. 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.”
Vincent Sangiovanni, GTX CEO, said: “This is an exciting time for GTX. The acquisition is a 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 both our existing clients with GTX’s unparalleled service.”