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.
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.
SOURCE 24 Exchange