HAMILTON, Bermuda, April 15, 2021 /PRNewswire/ -- 24 Exchange,
the multi-asset class trading platform, announced today
that it has launched and traded the first anonymous interbank
FX Swaps order book with streaming quotes.
The trade, conducted with 24 Exchange's central counterparty
partner Standard Chartered Bank PLC, represents a landmark in this
$3.2 trillion/day* market.
In addition to the central counterparty option, 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.
"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 Dmitri Galinov,
CEO and Founder of 24 Exchange.
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.
*Source: Bank for International Settlements Triennial Central
Bank Survey of Foreign Exchange and Over-the-counter (OTC)
Derivatives Markets in 2019
About 24 Exchange
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. More
information is available at https://www.24exchange.net/
About Standard Chartered Bank
Standard Chartered Bank is a leading international banking
group, with a presence in 59 of the world's most dynamic markets
and serving clients in a further 85. Our purpose is to drive
commerce and prosperity through our unique diversity, and our
heritage and values are expressed in our brand promise, Here for
good. Standard Chartered PLC is listed on the London and
Hong Kong Stock Exchanges as well as the Bombay and
National Stock Exchanges in India.
About Cobalt
Cobalt has transformed the FX and Digital Asset market
infrastructure by building a middle office platform that
is fit for today's high-speed electronic markets.
By creating a single standardised version of each transaction
and managing credit in real-time, Cobalt enables all market
participants to connect and automate their post-trade functions
including confirmations, trade netting, and the management of
credit relationships. Cobalt's high availability, high throughput,
Tier 1 secure platform enables the markets leading participants to
cut costs, reduce counterparty risk, and increase trading to
24/7. FX and Digital Assets. Automated. Secured. 24/7.
Media Contact:
Eric Andrus
KARV Communications
Email: eca@karvcommunications.com
Phone: +1-212-333-0275
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SOURCE 24 Exchange