Deutsche Börse has entered into a definitive agreement to buy 360T, the global e-trading platform for FX, money market trades and derivatives. The total purchase price is €725 million, although completion of the deal is still subject to approval by competition and supervisory authorities.

According to the German exchange, this acquisition will fuel 360T's growth and save millions of euros through cost-savings and benefits through Deutsche Börse Group's international distribution capabilities and expertise. It will also strengthen the German company's foreign exchange, money markets and derivatives trading operations.

According to the Wall Street Journal, it would also “potentially facilitate handling of currency trades through the exchange group’s clearing arm”. Both the WSJ and Bloomberg report that Deutsche Börse was competing with CME Group and Nasdaq OMX Group for Frankfurt-based 360T.

360T was set up in 2000 and since then its annual revenue has seen double-digit growth. Its customer base includes corporates, buy-side firms and banks.