Dmitri Galinov to Launch New FX Derivatives Exchange

The founder of FastMatch, Dmitri Galinov, is returning to the FX industry with a bang. As one of the leading technology pioneers in electronic foreign exchange trading, he is back with a new FX derivatives exchange. The official launch of the new trading venue is set for the middle of August, Finance Magnates can confirm.

The name of the new venture is 24 Exchange, and according to Galinov's LinkedIn profile, he is the founder and CEO. Based in Bermuda, 24 exchange is advertised as “always open” possible hinting to a 24-hour multi-asset platform.

The exchange is set to be launched by the end of August, Galinov told FNLondon. To manage the business by his side, Galinov has recruited two industry heavyweights - Jason Woerz and Paul Millward.

Previously, Woerz was the Head of Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term at American hedge fund Bridgewater Associates. Millward was the head of foreign exchange product strategy at CBOE Global Markets.

Speaking to the London-based news outlet, Galinov revealed that he has invested $600,000 of his own money into the Bermuda-registered currency derivatives exchange. He is looking to raise another $1.5 million.

According to Galinov, 24 Exchange will initially trade non-deliverable forwards. From here, FX Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term and underlying currencies could also be added in the future. He also believes that the exchange could expand into US and European equities and fixed income.

Dmitri Galinov Returns to the Industry After FastMatch Spat

The launch of 24 Exchange marks Galinov’s return to the FX space with a brand new product. Galinov and the acquirer of FastMatch, Euronext had a legal spat that ended with a settlement.

According to FNLondon under the terms with his contract with Euronext, Galinov is restricted from competing in Spot FX. The focus of the new FX derivatives exchange is set on non-deliverable forwards.