Overview
- Both companies outlined a plan to unify trading, custody, settlement, collateral management and tokenized assets for institutional clients.
- The initial 360T integration is intended to tighten FX spreads and improve funding and withdrawals by tapping one of the market’s deepest liquidity pools.
- Subject to regulatory approvals, future phases would bring Eurex‑listed derivatives to Kraken and roll out Kraken Embed as a white‑label service across Deutsche Börse’s network.
- The tokenization track contemplates distributing Clearstream‑held securities in tokenized form via xStocks, with reports that Kraken plans to acquire Backed Finance to accelerate this effort.
- Custody and settlement are expected to rely on Clearstream and Crypto Finance, establishing two‑way access for Deutsche Börse clients into crypto and for Kraken’s clients into European infrastructure.