24 Exchange, a new offshore OTC trading platform launched by former FastMatch founder and CEO, Dmitri Galinov, is now live and open for trading.
The first product available for trading is FX NDFs, although in a release issued today, 24 Exchange says that it expects to soon begin offering trading in additional FX derivatives and other asset classes.
Through a partnership with Standard Chartered Bank, 24 Exchange offers a central prime broker clearing model that it says facilitates anonymity and lowers margin costs for market participants wanting to trade NDFs. The platform facilitates streaming of NDF liquidity on standard contracts and also broken date NDF trading via request-for-stream (RFS) functionality.
Galinov, the CEO and founder of 24 Exchange, says: “24 Exchange is a robust alternative to the major exchanges that delivers an over-the-counter solution at significantly reduced prices with improved functionality. Unlike the major legacy exchanges, our new platform will offer 24-hour trading capabilities for an unmatched range of asset classes. In the interconnected world of today, it is essential to provide a low-cost market that is available 24 hours for participants to transact.”
Jason Woerz, president of 24 Exchange, adds: “Our NDF launch is the start of a longer and much needed progression of the existing market structure that our platform will make possible. The rising costs of regulations and fees associated with the legacy exchanges can be the largest cost factor in many participants’ budgets – and with little to no utility in return. 24 Exchange puts the markets back into the hands of those actually using them day-to-day and targets the ever-increasing costs of the major legacy exchanges.”