The founder of FastMatch, Dmitri Galinov, is returning to the FX industry with a bang. As one of the leading technology pioneers in electronic foreign exchange trading, he is back with a new FX derivatives exchange. The official launch of the new trading venue is set for the middle of August, Finance Magnates can confirm.
The name of the new venture is 24 Exchange, and according to Galinov’s LinkedIn profile, he is the founder and CEO. Based in Bermuda, 24 exchange is advertised as “always open” possible hinting to a 24-hour multi-asset platform.
The exchange is set to be launched by the end of August, Galinov told FNLondon. To manage the business by his side, Galinov has recruited two industry heavyweights – Jason Woerz and Paul Millward.
Previously, Woerz was the Head of Execution at American hedge fund Bridgewater Associates. Millward was the head of foreign exchange product strategy at CBOE Global Markets.
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Speaking to the London-based news outlet, Galinov revealed that he has invested $600,000 of his own money into the Bermuda-registered currency derivatives exchange. He is looking to raise another $1.5 million.
According to Galinov, 24 Exchange will initially trade non-deliverable forwards. From here, FX swaps and underlying currencies could also be added in the future. He also believes that the exchange could expand into US and European equities and fixed income.
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According to FNLondon under the terms with his contract with Euronext, Galinov is restricted from competing in Spot FX. The focus of the new FX derivatives exchange is set on non-deliverable forwards.