Briefing Note: FX Trading Platforms - FXall, 360T, and OFX

Introduction

Foreign exchange (FX) trading platforms facilitate currency trading for businesses, financial institutions, and individual traders. They offer tools to manage currency exposure, execute trades, and access market data. This briefing note compares three key FX trading platforms: FXall, 360T, and OFX, highlighting their main features and differences.

1. FXall

• Overview: FXall is part of the Refinitiv (formerly Thomson Reuters) suite and is one of the leading electronic trading platforms in the institutional FX market. It is tailored for large corporations, hedge funds, asset managers, and institutional traders who require advanced functionality for high-volume trading.
• Key Features:some text
  • Access to Deep Liquidity: FXall aggregates liquidity from numerous banks and financial institutions, providing users access to the tightest spreads and best execution options.
  • Advanced Order Types: The platform supports a variety of order types, including limit orders, stop-loss orders, and algorithmic trading strategies.
  • Post-Trade Services: Offers a comprehensive range of post-trade services, including transaction cost analysis (TCA) and reporting for compliance purposes.
  • Integration with Refinitiv’s Eikon: FXall users can integrate the platform with Eikon for seamless access to real-time financial data, news, and analysis.
• Target Audience: Institutional clients such as hedge funds, asset managers, and corporates with high trading volumes.
• Differentiator: FXall’s strength lies in its deep liquidity pool, advanced trading tools, and strong post-trade services, making it ideal for institutions with sophisticated FX trading needs.

2. 360T

• Overview: 360T is part of Deutsche Börse Group and is an established multi-bank, multi-asset trading platform. It serves both buy-side and sell-side clients, offering comprehensive trading solutions across the FX and money market spaces.
• Key Features:some text
  • Multi-Asset Trading: 360T not only focuses on FX but also covers derivatives, money markets, and interest rate swaps, making it a versatile platform for clients who require more than just FX services.
  • Flexible Execution Models: The platform offers various execution models including Request for Quote (RFQ), streaming prices, and order-driven trading, allowing users to select the best method for their needs.
  • Global Reach: 360T provides access to over 200 liquidity providers worldwide, ensuring competitive pricing and a wide range of counterparties.
  • Corporate Treasury Solutions: 360T caters heavily to corporate treasurers, providing tools to manage FX risk, execute hedging strategies, and enhance cash flow management.
• Target Audience: Corporates, banks, asset managers, and hedge funds looking for a flexible multi-asset platform.
• Differentiator: 360T’s ability to support multiple asset classes and its focus on corporate treasury solutions set it apart from other FX-only platforms.

3. OFX

• Overview: OFX (formerly OzForex) is primarily a currency transfer and payments service designed for individuals and small to medium-sized enterprises (SMEs). While not a traditional trading platform like FXall or 360T, it facilitates foreign currency transactions and provides hedging solutions.
• Key Features:some text
  • Simplified Currency Transfers: OFX is focused on providing low-cost international currency transfers, with competitive exchange rates compared to traditional banks.
  • Hedging Solutions for SMEs: OFX offers simple forward contracts and limit orders, allowing businesses to hedge currency risks without the complexities of institutional platforms.
  • 24/7 Customer Service: OFX emphasizes its customer support, providing personal service to clients around the clock.
  • No Transaction Fees for Large Transfers: While OFX charges no fees for large transfers, it offers rates primarily tailored to smaller volumes compared to institutional platforms.
• Target Audience: Individuals and SMEs looking for cost-effective currency transfers and basic FX risk management solutions.
• Differentiator: OFX is a user-friendly platform aimed at  smaller businesses, offering simplified FX services at lower costs compared to institutional platforms.

Conclusion

Each platform serves different segments of the FX market, with FXall and 360T catering to institutional and corporate clients, while OFX provides a simpler solution for smaller businesses and individual traders.

• FXall and 360T are best suited for institutional traders and large corporates requiring deep liquidity, sophisticated order execution, and comprehensive post-trade services. The client needs special software. Pricing may be on the higher side.
• OFX stands out for SMEs who need affordable and simplified currency transfers with basic hedging tools. No Software is needed. Very attractive pricing and 24/7 support by hedging specialists.