24 Exchange Bermuda has appointed Michael Serpa as Global Head of Liquidity Management LTD, based in New York. The firm is an OTC ECN addressing market challenges such as fragmented pools of liquidity and increasingly costly access fees & data.
Mr. Serpa joins 24 Exchange Bermuda from Edgewater Markets, where he held the role of Head of Liquidity for more than three years, representing the Direct Market Access provider that combines pricing from liquidity providers with algorithmic trading to give maximum liquidity and best execution.
Prior to that position, Mr. Serpa was Associate Director for nearly two years and Analyst for one year at Edgewater, providing access to Spot, Forward, and Swaps FX trading.
24 Exchange has most recently 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.
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.
“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”, said CEO and Founder Dmitri Galinov at the time.
24 Exchange allows traders to manage their information leakage associated with their swap pricing and trading. 24 Exchange is operated by 24 Exchange Bermuda Limited, domiciled in Hamilton, Bermuda, but not regulated by the Bermuda Monetary Authority.
The firm offers Multi-Asset Class Trading with dynamic credit management, customizable pricing and liquidity and bridge bifurcated liquidity pools. Its services target those who wish to trade discreetly, with access to top of book, sweepable and full amount trading.