Standard Chartered purchases stake in 24 Exchange

Standard Chartered has acquired a stake in 24 Exchange, which is the OTC platform supported by Dmitri Galinov. The bank is looking forward to further enhance the growth across different asset classes. 

Geof Kott, who is the global head of FX trading at Standard Chartered, will join the Exchange’s board of directors under the agreement. As for management, Galinov takes on the role of CEO at 24 Exchange platform.

Moreover, he also hires Jason Woerz, who is a former head of execution at Bridgewater Associates, as the president and Paul Millward, a former head of FX product strategy, at Cboe Global Markets.

Standard Chartered asserts to offer market participants the most effective way to trade FX NDFs with eliminating market data fees. Eventually, 24 Exchange intends to provide a number of services including end-to-end processing across the asset classes.

Further strengthening the ties

24 Exchange has already teamed with Standard Chartered to offer a prime broker model which aims to reduce the costs for market participants. 

24 Exchange is a multi-asset class and a multi-dealer trading platform which enables market participants to exchange their exposures at the lowest cost available. 

24 Exchange plans to use more funds further to improve its reach and offering among institutional investors. Besides NDFs other FX derivatives such as underlying currencies and swaps will be traded shortly on the offshore OTC venue.

Dmitri Galinov commented on the partnership that he was very excited to get an investment from the bank, which is very prominent and has profound knowledge in the market. He was looking forward to enhancing the partnership and benefitting from the bank’s vast experience. Standard Chartered had already proven to be a powerful trading participant.

Geoff Kot also noted that he was thrilled about the upcoming partnership, and the team would promote innovations and continuous evolution in FX markets. He also praised Galinov, who has tremendous experience in leveraging technology efficiently in multiple asset classes.

Kot was looking forward to working together as they were expanding the emerging market FX product. 

The partnership is undoubtedly a perfect decision which will provide improved pricing and liquidity in future for clients and other counterparts.