Offshore OTC trading platform 24 Exchange now operates in full compliance with the principles of the FX Global Code, the company announced on April 1.
The Bermuda-headquartered firm has signed a statement of commitment to the FX Global Code as an electronic trading platform, pledging adherence to the code’s set of global principles of good practice in the FX market.
The FX Global Code is a set of global principles of good practice in the foreign exchange market. It was developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market.
The code was created by a partnership between central banks and market participants from 16 jurisdictions around the world.
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Principles of fairness and transparency
Founded by former FastMatch founder and CEO, Dmitri Galinov, 24 Exchange went live in December 2019.
Through a partnership with Standard Chartered Bank, the platform facilitates the streaming of NDF liquidity on standard contracts and also broken date NDF trading via request-for-stream (RFS) functionality.
Electronic trading pioneer Galinov set up the firm seven years after founding FastMatch, a leading foreign exchange spot market operator offering its customers access to large pools of diversified liquidity at unparalleled speed with complete transparency in the optimal location.
“It is essential for our young company to formally demonstrate its commitment to the critically important guidelines contained in the FX Global Code. At the same time, we are very proud to note that 24 Exchange was founded on similar principles of fairness and transparency,” Galinov commented on 24 Exchange’s commitment to the FX Global Code.