Monex, a Mexican company, and German-headquartered 360TGTX have entered into a partnership to launch a local credit card hub in Mexico for facilitating FX trading, the companies announced on Thursday.
Monex, which is a CLS member, will leverage its strong credit profile and will act as a credit hub for the 360TGTX platform. It will enable any Mexican firm with a credit arrangement with Monex to use the credit hub, thus accessing 360TGTX’s global liquidity ecosystem.
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“We are very excited to be announcing the launch of our credit hub because we believe that it will deliver many benefits to the FX market here in Mexico,” said Javier Alvarado, CEO of Monex Casa de Bolsa.
“Connecting more onshore and offshore FX liquidity will help to deepen liquidity in the Mexican peso, while local market participants will also benefit from being able to access a world-class technology platform in 360TGTX that is also fully compliant with the FX Global Code of Conduct and industry best practices.”
Filling the Liquidity Gap
The credit hub has been launched to tackle the credit constraints local Mexican FX market participants are facing with limited liquidity access. This restricts them to receive the best available pricing.
The announcement further elaborated that the credit hub will allow local companies to access much wider global liquidity providers that will ensure the FX pricing does not impact their local credit profile.
“As the first Latin American financial institution to become a member of CLS, Monex holds a very unique place within the infrastructure of the local FX market. Leveraging this to access the 360T ecosystem, which includes over 2,200 trading firms across over 75 different countries, offers the potential for tremendous growth in the local onshore market,” Matt O’Hara, CEO at 360 Trading Networks (Americas), added.
“Ultimately, we see this as the next step in the evolution of FX trading in Mexico.”
Meanwhile, Monex is expanding its European business and has opened a new Luxembourg subsidiary. Recently, it appointed David Brown to oversee the company’s expansion efforts.
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