24 Exchange, the over-the-counter (OTC) platform established by Fastmatch Founder Dmitri Galinov, has launched an anonymous interbank FX Swaps order book with streaming quotes on Thursday.

The company also completed its first trade with the FX swaps, conducted with Standard Chartered Bank, 24 Exchange’s central counterparty partner. Additionally, Standard Chartered bought an undisclosed stake in 24 Exchange last year as a part of its strategic investment.

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Commenting on the new product, Galinov, who is 24 Exchange’s Chief Executive, said: “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.” 

The announcement on Thursday detailed that bilateral trading for short tenors will be available with the instrument.

Filling the Institutional FX Demand

24 Exchange offers multi-asset class trading and is targeting clients with the promise of offering “most cost-effective trades across a growing range of asset classes, 24 hours a day.”

“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,” Galinov added.

“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 Jason Woerz, president at 24 Exchange.

“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.”