24 Exchange, the Bermuda based offshore electronic trading venue founded by former FastMatch CEO Dmitri Galinov, has announced that it has completed its first Foreign Exchange (FX) spot trade, executed in Australian dollar/U.S. dollar.

24 Exchange said that its low-cost FX Spot trading product goes to six decimal places, an innovation over the five decimal places currently offered by competitors. FX Spot trading on the 24 Exchange platform also offers customers the same liquidity and cost efficiencies as 24 Exchange’s FX NDFs.

Dmitri Galinov, CEO and founder of 24 Exchange, said,

“As our Average Daily Volume grows, so does our range of innovative product offerings, which now includes FX Spot trades. The management team is dedicated to making the 24 Exchange platform even more valuable to our global trading customers by adding new capabilities. We will soon be following this up with an FX Swaps product to further enhance our position as a reliable liquidity pool in the FX marketplace.”

Goncalo Lima, Executive Director – Macro COO of Standard Chartered Bank PLC, said,

“We are delighted with the successful expansion of the 24 Exchange product suite into FX Spot trading, an ideal complement to its NDF offering. This is a great way to start 2021.”

Jason Woerz, President of 24 Exchange, added,

“Our expanding product line is one reason we continue to add institutional investor clients. Another is the exceptional, value-add features we design into our products, such as the additional decimal point we offer in FX Spot, which enables us to minimize bid-offer spread. Tighter spreads in combination with our commitment to be the lowest-cost provider are leading to high demand for our products.”

24 Exchange stated that it operates in full compliance with the principles of the FX Global Code.

24 Exchange is a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost. The company said that its mission is to enable its members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. It 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. The company is domiciled in Hamilton, Bermuda but is not regulated by the Bermuda Monetary Authority.