24 Exchange Expands Offering with FX Swaps

24 Exchange, the over-the-counter (OTC) platform established by Fastmatch Founder Dmitri Galinov, has launched an anonymous interbank FX Swaps order book with streaming quotes on Thursday.

The company also completed its first trade with the FX swaps, conducted with Standard Chartered Bank, 24 Exchange's central counterparty partner. Additionally, Standard Chartered bought an undisclosed stake in 24 Exchange last year as a part of its strategic investment.

Commenting on the new product, Galinov, who is 24 Exchange’s Chief Executive, said: “24 Exchange FX Swaps are a low-cost electronic option for our customers seeking help with hedging and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term. The market has been asking for an electronic alternative to existing flows for some time, and 24 Exchange is excited to be leading the way.”

The announcement on Thursday detailed that bilateral trading for short tenors will be available with the instrument.

Filling the Institutional FX Demand

24 Exchange offers multi-asset class trading and is targeting clients with the promise of offering “most cost-effective trades across a growing range of asset classes, 24 hours a day.”

“With this important addition, 24 Exchange's FX offering now exclusively brings its central counterparty model to the FX market's most important products – spot, swaps, and NDFs,” Galinov added.

“With today's launch, 24 Exchange is giving all market participants the ability to interact in the same manner that they have demanded in other FX products. Traders now have a way to manage their information leakage associated with their swap pricing and trading, and no longer have to rely on old tools and workflows,” added Jason Woerz, president at 24 Exchange.

“Having been trading swaps on the Buy-Side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term for more than 20 years, I know first-hand how important this evolution in Swaps trading is. The wait is finally over for traders on the 24 Exchange platform for FX Swaps.”