24 Exchange buys 11B to further expand its technology remit
24 Exchange, the OTC platform backed by Fastmatch founder Dmitri Galinov, has bought the New York-based technology and service provider 11B Technologies for an undisclosed sum.
The acquired company provides brokerage solutions and integrations for OTC venues, brokers and professionals. 24 Exchange is already one of its largest clients. Specifically, 11B has been providing low latency software and connectivity solutions for 24 Exchange in FX Swaps and FX Spot.
11B’s technology offering features order, execution and risk management systems for FX Spot, FX Swaps, FX NDF, Crypto Spot and Crypto NDFs. On top of that, the company provides matching engine, CRM and back office connectivity through FIX API, GUI and mobile interfaces.
24 Exchange will acquire 11B’s infrastructure, including the company’s portfolio of IP and software. As part of restructuring after the takeover, the Bermuda-based firm will onboard 11B software development and business support teams. Eduard Yusupov, the president and founding partner of 11B Technologies, will also join 24 Exchange.
Commenting on the news, 24 Exchange CEO and Founder Dmitri Galinov said: “24 Exchange intends to aggressively expand into additional products such as Crypto physical and Crypto NDFs. Our acquisition of 11B provides the ideal technological platform for that expansion. 11B has developed incredible low latency, robust and very scalable software across a range of clients and asset classes. We have been working with the talented 11B team for a long time, and are very happy to welcome them into the 24 Exchange team.”
Eduard Yusupov added, “We are excited to join 24 Exchange. This team has a unique vision, drive and the expertise needed to seize market opportunities and compete with existing service providers on a global scale. This acquisition creates substantial value and synergy for the shareholders of 24 Exchange. This combination will bring new technology offerings to 24 Exchange customers and help expand market reach and service capabilities.”
24 Exchange has received a strategic investment from Standard Chartered back in 2020. Beyond NDFs, other FX derivatives, swaps and underlying currencies are traded on the offshore OTC venue.
24 Exchange claims to offer institutional market participants a more cost-effective way to trade FX NDFs through eliminating market data fees. Ultimately, 24 Exchange plans to provide end-to-end processing, and workflow services across over the counter derivatives asset classes.
The offshore OTC venue has recently onboarded of more liquidity providers streaming NDFs across all supported pairs, regardless of the underlying tenor, including those with non-standard maturities.