FXCH and 24 Exchange partner on Clearing/Settlement for crypto cash institutional trades
Crypto clearing pioneer FXCH has announced that it has partnered with Dmitri Galinov’s 24 Exchange (Bermuda) Ltd., to offer a Clearing and Settlement option to Crypto cash institutional market participants.
The service, available to all 24 Exchange members, provides the first clear demarcation between trade execution, margin/risk management and settlement for the Crypto asset class.
FXCH Ltd. operates a real time netted Clearing House model for institutions that trade digital assets on multiple exchanges and OTC venues. The market utility works on the principle of managing collateralised multi-counterparty risk, culminating in one Net Settlement at the end of every trading day. Users are afforded 3x leverage and real time cross-asset and cross-venue netting of positions, without the requirement to transfer assets prior to settlement, and therefore greatly reducing both systemic risks and cost of capital.
In summary, the Clearing House concept paired with 24 Exchange’s trading platform liquidity and renowned fast matching technology allows market participants to exchange their exposure at the lowest possible cost and manage their settlement with the highest level of funds and operational safety.
Dmitri Galinov, 24 Exchange CEO and Founder, said,
“We are pleased to join with The Foreign Exchange Clearing House to help our institutional clients manage settlements of their cryptocurrency trades on our robust platform. Through this partnership, sophisticated institutional market participants around the world who trade crypto assets on 24 Exchange can access fast, low-cost clearing and settlements with the highest levels of confidence, security and efficiency.”
The Foreign Exchange Clearing House (“FXCH”) is a startup based in Hong Kong, with representation in London, Dublin, Cape Town, Vancouver and Istanbul. FXCH has leveraged its experience in FX, Institutional Prime Brokerage, and Operations to offer Crypto-currency and digital assets Clearing + Settlements based on leveraged foreign exchange practices, including overnight roll-over of positions using FX Swaps.
The company is a member-based utility, offering margin-based leverage and full daily settlement, with a focus on the integrity of the clearing process. The Clearing House’s main role is to manage collateral and default procedures to secure participants in the most responsible and efficient way.
FXCH accepts institutional members in a clear legal framework based on its rules which adhere to the IOSCO standards and offer legal certainty to its users.
24 Exchange is a multi-asset class trading platform that allows market participants to seamlessly exchange their exposures at the lowest possible cost. The company’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. 24 Exchange is operated by 24 Exchange Bermuda Limited and 24 Exchange Broker Limited which are regulated by the Bermuda Monetary Authority (BMA) for the purposes of conducting Digital Asset Business, pursuant to the Digital Asset Business Act.