Bermuda domiciled OTC product trading platform 24 Exchange has announced that it is officially an approved trade source for FX NDF clearing at LCH ForexClear, a leading foreign exchange clearing solution which is part of the Post Trade division of LSEG (London Stock Exchange Group). The company completed its first LCH-cleared production trade involving 24 Exchange’s strategic partner Standard Chartered Bank, becoming the second electronic FX trading platform provider to offer its non-U.S. users a direct workflow to LCH ForexClear.
24 Exchange’s non-U.S. users are now able to both trade and immediately clear trades with LCH ForexClear, with the potential to benefit from a reduction in counterparty risk and uncleared margin rule requirements, with multi-lateral margin netting.
24 Exchange CEO and Founder Dmitri Galinov 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 offer FX NDFs, Swaps and Spot trading to institutional customers. Since its launch in 2019, 24 Exchange’s multi-asset offering through a single trading interface has enabled market participants to access increased liquidity at lower cost.
About 24 Exchange
24 Exchange allows market participants to seamlessly exchange their exposures at the lowest possible cost. The company’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class.
