24 Exchange Establishes Direct Connection to LCH ForexClear

24 Exchange has become an approved trade source for FX non-deliverable forward (NDF) clearing at LCH ForexClear, the company announced today from its Bermuda headquarters.

The firm completed its first cleared production trade through LCH ForexClear with strategic partner Standard Chartered Bank. With this development, 24 Exchange becomes only the second electronic foreign exchange trading platform to offer non-U.S. users a direct workflow to the clearing service, which is part of the Post Trade division of London Stock Exchange Group (LSEG).

The connection enables 24 Exchange's non-U.S. clients to both trade and immediately clear transactions with LCH ForexClear. According to the company, this may provide benefits including reduced counterparty risk, lower uncleared margin rule requirements, and multi-lateral margin netting.

Dmitri Galinov, CEO and Founder of 24 Exchange, said: "We are thrilled that 24 Exchange is now an approved platform for NDF clearing for our global institutional users. This new settlement path with LCH ForexClear is an exceptional new option for our non-U.S. users empowering them to simultaneously reduce their risks and costs while increasing their operational efficiency. As we look to the year ahead, 24 Exchange will continue to set the standards in delivering cost effective trading at the optimum price."

24 Exchange, an affiliate of 24X National Exchange, will continue to provide FX NDFs, Swaps and Spot trading to institutional customers. The company has operated since 2019, offering multi-asset trading through a single interface that aims to provide market participants with access to increased liquidity at lower costs.