In a wise strategic move, the German exchange operator have acquired a leading foreign exchange venue to expand its its marketplace into new asset classes.
Deutsche Boerse said on Sunday that it will buy the Germany-based foreign exchange trading platform 360T for 725 million euros. 360T is one of a handful of multi-bank, multi-user platforms which have revolutionised foreign exchange trading over the past decade. Deutsche Boerse beat CME Group in the auction according to sources familiar with the deal. Data from Euromoney shows 360T is now the third-largest such platform, behind Thomson Reuters-owned FXAll , FX Connect and just ahead of Bloomberg. 360T was founded in 2000. Private equity group Summit Partners took a majority stake in 2012, peer Brockhaus has kept a 10.7 percent stake and 360T employees also retained stakes. The deal makes 360T the most valuable German fintech company and in the view of the German Startup Association, the transaction will make it easier for other fintech firms to find investors.