Canada OSC Grants 360T UK MTF Regulatory Interim Exemption

On December 28, 360T, the FX trading platform of Deutsche Börse Group, announced that its new UK-based Multilateral Trading Facility (MTF) has received a temporary regulatory exemption from the Ontario Securities Commission (OSC). This exemption will ensure that participants in the Canadian FX market can trade on the platform once it goes live on January 2, 2024.

As noted 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, since June 2019, the 360T European MTF has been operating in Canada under an exemption order granted by the OSC.

Under the Ontario Securities Act, any trading platform that provides derivatives trading services to Canadian entities, including Forex swaps, forwards, and non-deliverable forwards, must be recognized as a "Canadian exchange" under Canadian regulations. However, the OSC has granted a temporary exemption to 360T's UK MTF to enable it to operate without meeting this specific requirement.

With the implementation of the OSC temporary exemption, 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.

Weeks Before receiving the regulatory exemption, 360T partnered with Virtu Financial, a leading global market maker, to provide its clients with integrated FX Trading Analysis and Transaction Cost Analysis (TCA) services.