Redline Trading Solutions, a provider of market data and execution systems for automated trading, announced this Tuesday that it is supporting 24 Exchange, a new foreign exchange (forex) derivatives exchange, with its InRush Ticker Plant and Order Execution Gateway for its FX clients.
The new derivatives exchange, which was launched towards the end of last year, initially plans to start with Non-Deliverable Forwards (NDFs) and move into other products. The initial focus is on minimizing interest charges, while using an anonymous solution and making the margin costs much smaller, which is key for the NDF market.
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In an interview with Finance Magnates, Galinov explained the motivation behind his latest venture: “24 Exchange is here to solve the problem exchange members have with rising costs of market data, clearing, and margin. Banks, hedge funds, all exchange members should be able to access the market at a price which is considerably below current rates.”
NDFs are becoming increasingly important
Commenting on the partnership between Redline Trading Solutions and 24 Exchange, Mark Skalabrin, CEO of Redline, said in a statement: “Non-Deliverable Forwards (NDFs) are becoming an increasingly important part of the FX trading landscape. We are excited to provide our FX customers with the innovative NDF offering from 24 Exchange as part of our award-winning FX trading platform.”
Adding to this, Dmitri Galinov, CEO and founder of 24 Exchange, continued in today’s statement: “We are thrilled to become a market data and routing destination on the robust and growing Redline Trading Solutions Network. Our mutual clients will benefit from trading Non-Deliverable Forwards with both greater transparency and enhanced liquidity.”