Deutsche Börse has completed its acquisition of trading platform 360T, following the approval of relevant antitrust authorities and the German Federal Financial Supervisory Authority (BaFin).
360T remains under the regulatory supervision of BaFin and operates under the existing management team. CEO Carlo Kölzer is joining Deutsche Börse’s Group Management Committee.
360T will be the centre of competence of Deutsche Börse Group’s global FX strategy. The 360T management is mandated to further develop and expand its highly successful business model as it will be empowered by the broad capabilities of Deutsche Börse Group.
The future set-up of 360T within Deutsche Börse Group will be designed to maintain and further improve its innovative drive and customer focus. Existing legal agreements with and obligations of 360T remain unaffected by its integration into Deutsche Börse Group.
Deutsche Börse CEO Carsten Kengeter (pictured), says: "360T’s impressive growth trajectory since its inception and its dynamically evolving position in the FX market makes it a substantial addition to broaden our asset class spectrum. It is a great strategic fit. The deal underpins part of our ambition to become the global market infrastructure provider of choice.”
Carlo Kölzer, CEO of 360T, says: “The combination of 360T´s in-depth FX industry experience and diverse customer base, in conjunction with Deutsche Börse’s larger scale, strength and credibility will allow us to become the global leader for listed and OTC FX trading and clearing. In a market where participants increasingly look for transparency, reduced capital costs, cutting edge trading and clearing solutions, our offering will be the most trustworthy and holistic one. The acquisition follows the trending FX industry logic towards global integrated infrastructure providers, adhering to the highest regulatory standards.”
Key synergies of the deal comprise a new ECN-type trading venue for FX spot and potentially derivatives instruments, enhancement of the operational capabilities in FX exchange-traded derivatives and optimised distribution through 360T’s global sales force. The transaction is expected to be immediately accretive to cash earnings per share without synergies and will meet customary ROI targets upon realisation of the mid-term synergy targets.