March 5, 2020 - 24 Exchange has announced that it has received a strategic investment from Standard Chartered PLC. The company also announced that Standard Chartered's Global Head of FX Trading, Geoff Kot, will join 24 Exchange's Board of Directors. The size of the investment was not disclosed.
The company claims that in addition to offering full-day market access to a range of asset classes, 24 Exchange uses cutting edge technology to reduce trading fees to rates far lower than those charged by the major legacy exchanges.
Dmitri Galinov, CEO and founder of 24 Exchange, said: "We are very excited to receive investment from a bank with deep expertise and a robust network in emerging markets. Standard Chartered Bank has already proven to be a great strategic partner as our central clearer and trading participant. We look forward to expanding our partnership and to benefiting from Geoff's considerable experience, insights and counsel as a member of our Board."
Through a partnership established last year with Standard Chartered as a central clearer, 24 Exchange says that it offers a unique model for NDFs that facilitates anonymity, tighter spreads and lower trading costs for participants. The partnership solves the current regional liquidity fragmentation issues while creating a unique, single liquidity pool for NDFs for customers across the globe.
Geoff Kot, Global Head FX trading for Standard Chartered, said: "We are excited about this strategic partnership at Standard Chartered, working with 24 Exchange to promote innovation and continued evolution in FX markets. Dmitri and his team have a wealth of experience in leveraging technology effectively across different asset classes, and this offering aligns with our strategy to continue to provide improved pricing and liquidity for our clients and counterparties. I look forward to working together as we develop this emerging market FX product".
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