360T UK MTF Receives Regulatory Interim Exemption in Canada

360T, Deutsche Börse Group's powerhouse for FX, announced yesterday (December 28) that its new UK-based Multilateral Trading Facility (MTF) has received a regulatory interim exemption from the Ontario Securities Commission (OSC). This exemption will ensure that Canadian FX market participants can trade on the platform when it goes live on January 2, 2024.

As stated in the announcement, since June 2016, the 360T Swaps Execution Facility (SEF) has been operating in Canada under an exemption order granted by the OSC. Similarly, the 360T European MTF has also been operating in Canada under an exemption order granted by the OSC since June 2019.

As per the Ontario Securities Act, any trading platform that provides derivative trading services to Canadian entities, including FX swaps, forwards, and non-deliverable forwards, must be recognized as a "Canadian exchange" under Canadian regulations. However, the OSC has granted 360T's UK MTF an interim exemption, enabling it to function without meeting this specific requirement.

With the OSC interim exemption in place, Canadian FX traders will be able to trade a range of financial instruments, including FX Forwards, Swaps, Options, Non-Deliverable Forwards (NDFs), and Non-Deliverable Swaps (NDSs), via the 360T UK MTF.

The regulatory exemption came several weeks after 360T entered into a partnership with Virtu Financial​, a leading global market maker, to provide customers with integrated FX Trading Analysis and Transaction Cost Analysis (TCA) services.