24 Exchange Bermuda, an electronic communication network for over-the-counter products, has added Alan Scott as Managing Director EMEA earlier this month, according to market sources.
Previously, Scott was CEO and Founder of SmartMoney, a start-up focused on bridging the divide between crypto and FX.
He also worked at Integral earlier, where he served as a managing director, leading the deployment of enterprise solutions across client segments. Additionally, he was responsible for managing and deepening liquidity provider relationships globally.
Before that, Scott held a role as global head of product and liquidity development at 360T for more than three years and was the founder and president of Velsys in 2003, an e-commerce trading firm that built software for pricing, execution, and post-trade processing of FX transactions.
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His career started as a software engineer at Olivetti in 1981, where he developed an on-line teller terminal software.
24 Exchange created a unique model, where Standard Chartered Bank operates as a central dealer, which addresses major challenges in the NDF markets. These include fragmented liquidity due to jurisdiction, high transaction cost, information segregation, and inefficient collateral management.
Standard Chartered Bank acts as a liquidity provider, liquidity taker, prime broker as well as a central dealer. Standard Chartered Bank is a strategic investor in 24 Exchange.