24 Exchange Brings Central Counterparty Model to Spot, Swaps, NDFs

24 Exchange has launched and traded the first anonymous interbank FX Swaps order book with streaming quotes conducted with central counterparty partner Standard Chartered Bank.

The multi-asset class trading platform has also made bilateral trading for short tenors available, with the one-week tenor (the most liquid part of the market which accounts for around 65% of transacted volume) free on the 24 Exchange platform.

Dmitri Galinov, CEO and Founder of 24 Exchange, said: “24 Exchange FX Swaps are a low-cost electronic option for our customers seeking help with hedging and risk management. 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. 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.”

The 24 Exchange platform, offering streaming liquidity in addition to a central limit order book, has partnered with Cobalt to manage and update credit in real-time, with post-trade details being available from a variety of middleware vendors or direct via FIX STP.

Jason Woerz, President at 24 Exchange, commented: “The FX Swaps market has been underserved for many years. 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.

“Having been trading swaps on the buy-side 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.”

24 Exchange has reported a new record NDF ADV (single-counted) in March of $456 million, as well as a new single-day record volume last month in FX NDFs when in excess of $800 million traded.

24 Exchange is operated by 24 Exchange Bermuda Limited, domiciled in Hamilton, Bermuda, but not regulated by the Bermuda Monetary Authority.