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January 19, 2021 - Multi-asset class, 24-hour trading platform, 24 Exchange announced today that it has completed its first Foreign Exchange (FX) spot trade, executed in Australian dollar/U.S. dollar (AUDUSD).
24 Exchange's low-cost FX Spot trading product goes to six decimal places, an innovation over the five decimal places currently offered by competitors. FX Spot trading on the robust 24 Exchange platform also offers customers the same word-class liquidity and cost efficiencies as 24 Exchange's FX NDFs.
Dmitri Galinov, CEO and founder of 24 Exchange, said, "As our Average Daily Volume grows, so does our range of innovative product offerings, which now includes FX Spot trades. The management team is dedicated to making the 24 Exchange platform even more valuable to our global trading customers by adding new capabilities. We will soon be following this up with an FX Swaps product to further enhance our position as a reliable liquidity pool in the FX marketplace."
Goncalo Lima, Executive Director - Macro COO of Standard Chartered Bank PLC, said, "We are delighted with the successful expansion of the 24 Exchange product suite into FX Spot trading, an ideal complement to its NDF offering. This is a great way to start 2021."
Jason Woerz, President of 24 Exchange, added, "Our expanding product line is one reason we continue to add institutional investor clients. Another is the exceptional, value-add features we design into our products, such as the additional decimal point we offer in FX Spot, which enables us to minimize bid-offer spread. Tighter spreads in combination with our commitment to be the lowest-cost provider are leading to high demand for our products."
24 Exchange operates in full compliance with the principles of the FX Global Code.
Average Daily Volume of NDFs traded on 24 Exchange now stand at between $200 - $400 million per day, breaking the $250 million mark in mid-November 2020.
24 Exchange launched in In December 2019, with Standard Chartered as central clearer / Prime Broker. In March 2020, Standard Chartered made a strategic investment in 24 Exchange, with the bank's Head of FX Trading, Geoff Kot, joining 24 Exchange's Board of Directors. The size of the investment was not disclosed.
