24 Exchange, the Bermuda based offshore electronic trading venue founded by former FastMatch CEO Dmitri Galinov, has announced that it has launched and traded the first anonymous interbank FX Swaps order book with streaming quotes.
The trade was conducted with 24 Exchange’s central counterparty partner Standard Chartered Bank PLC.
In addition to the central counterparty option, the company said that bilateral trading for short tenors is also available. Trading in the one-week tenor – the most liquid part of the market which accounts for around 65% of transacted volume – is free on the 24 Exchange platform.
Dmitri Galinov, CEO and Founder of 24 Exchange commented:
“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 offers streaming liquidity on a number of major tenors in addition to a central limit order book, with access via GUI or FIX API. Credit is dynamically managed and updated in real time using Cobalt. Post-trade details are available from a variety of middleware vendors or direct via FIX STP.
“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,” added 24 Exchange President Jason Woerz. “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 also announced that it set 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 a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost. 24 Exchange’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. The company is domiciled in Hamilton, Bermuda, but is not regulated by the Bermuda Monetary Authority.