360T has integrated its Swaps User Network (SUN) with technology service provider Lucera. This strategic move aims to extend the platform's reach to existing Lucera users.

Facilitating Gray Book Risk Swaps

360T SUN employs the Indicative Streaming Middle Rate in the 360T Swap Data Feed (SDF), designed for sell-side firms to facilitate gray book risk swaps at mid-market rates.

The platform enhances FX swaps by allowing GUI and API users to post static buy and sell orders, which enables trading operations. In addition, it offers a variety of automated credit models to minimize the risks and delays associated with soft matching.

Robin Nicholas, Head of Swap Products at 360T, said: “The middleware connection between the bank and 360T SUN through Lucera's APIs further enhances the value that the platform provides to our global customer base. This connection focuses on the electronic placement and management of orders in 360T SUN, paving the way for full automation of execution from pricing generation to trading.”

Meanwhile, 360T has launched cryptocurrency non-deliverable forwards (NDFs) and recently brokered the first deal between Wintermute Asia and Crypto Finance, Finance Magnates reported. The company is initially focused on Bitcoin and Ether and plans to expand to more assets.

These NDFs leverage existing OTC FX trading processes and are designed to simplify adoption for 360T's global clients. They provide clients with access to cryptocurrencies without direct asset handling and offer a regulated platform to hedge existing cryptocurrency risk.

APIs Streamline Banking Workflows

The integration with Lucera is an important development in the platform's growing adoption by major sell-side firms, and Lucera's APIs provide new workflow opportunities for banks to streamline their processes by enabling them to consolidate volume distribution through a single connection rather than multiple connections.

Peter Durkan, CEO of Lucera, added: “We are very excited to integrate with 360T SUN, a truly unique FX swap network. By automating the swaps workflow for any of our clients by placing orders directly on SUN, this new integration adds unique functionality and value to the broad Lucera ecosystem.”