24 Exchange has received a strategic investment from Standard Chartered, related to which, the bank’s global head of FX trading, Geoff Kot, will join 24 Exchange’s board of directors.
The trading venue, which launched in late 2019, offers a central prime broker clearing model with Standard Chartered as the central clearer for the trading of NDFs. It plans to add further products as the year progresses.
Dmitri Galinov, CEO and founder of 24 Exchange, says: “We are very excited to receive investment from a bank with deep expertise and a robust network in emerging markets. Standard Chartered Bank has already proven to be a great strategic partner as our central clearer and trading participant. We look forward to expanding our partnership and to benefiting from Geoff’s considerable experience, insights and counsel as a member of our Board.”
24 Exchange claims to offer a “unique model” in NDFs that facilitates anonymity, tighter spreads and lower trading costs for participants. It adds that the partnership with StanChart solves the current regional liquidity fragmentation issues while creating a unique, single liquidity pool for NDFs for customers across the globe.
“We are excited about this strategic partnership at Standard Chartered, working with 24 Exchange to promote innovation and continued evolution in FX markets,” says Kot. “Dmitri and his team have a wealth of experience in leveraging technology effectively across different asset classes, and this offering aligns with our strategy to continue to provide improved pricing and liquidity for our clients and counterparties. I look forward to working together as we develop this emerging market FX product.”