24 Exchange Receives Strategic Investment from Standard Chartered PLC
Standard Chartered's Global Head of FX Trading Joins Board of 24 Exchange
HAMILTON, Bermuda, March 5, 2020 /PRNewswire/ -- 24 Exchange, a multi-asset class, 24-hour trading platform, announced today that it has received a strategic investment from Standard Chartered PLC. Related to the strategic investment, Standard Chartered's Global Head of FX Trading, Geoff Kot, will join 24 Exchange's Board of Directors.
24 Exchange significantly reduces the cost of exchanging financial assets and eliminates market data fees, while delivering 24-hour access to liquidity for customers. 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."
In NDFs, through a partnership established last year with Standard Chartered as a central clearer, 24 Exchange offers a unique model 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."
About 24 Exchange
24 Exchange is a multi-asset class, multi-dealer trading platform that allows market participants to exchange their exposures at the lowest possible cost. Our mission is to enable our members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. We lower the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. 24 Exchange is operated by 24 Exchange Bermuda Limited. The company is domiciled in Hamilton, Bermuda but is not regulated by the Bermuda Monetary Authority. More information is available at https://www.24exchange.net/.
About Standard Chartered Bank
We are a leading international banking group, with a presence in 59 of the world's most dynamic markets and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
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