FairXchange selected by Dmitri Galinov’s 24 Exchange for data analytics
Financial markets data science firm FairXchange has been selected by Bermuda-based crypto and currency trading platform 24 Exchange for independent execution analytics.
24 Exchange, the OTC platform backed by Fastmatch founder Dmitri Galinov, said it will tap FairXchange’s analytical framework, Horizon, to analyze all relevant transaction and pricing data across its platform. This would help facilitate mutually profitable data-driven discussions with its liquidity providers and liquidity consumers.
Horizon also provides metrics that help users analyze the different events associated with FX trading alongside the actual fills. It takes a large data-set of any trading event that can be captured electronically and compares it to market data at the time.
FairXchange’s Pricing Stack Analysis also provides a complete view of a financial institution’s pricing stack, as well as insights into the dynamics of their liquidity. This helps banks, brokers and hedge funds to understand the financial impact of their LPs selection compared to other choices they could make.
Dmitri Galinov, 24 Exchange CEO and Founder said: “We are very pleased to be joining with the data analytics experts at FairXchange. The real-time insights and information the company’s Horizon product provides will enhance 24X’s ability to assess performance and improve the efficiency of our robust institutional-grade platform.”
Guy Hopkins, Founder & CEO, FairXchange added, “24 Exchange is an exciting new entrant to the market, with an impressive multi-asset platform and a highly experienced team. We are delighted to have been selected to provide them with accessible, independent performance data in order to optimise execution and deliver commercial benefits for all counterparties. FairXchange has been appointed as FX data experts but our partnership with 24 Exchange can be expanded into new instruments and asset classes in the future.”
24 Exchange has recently filed an application with the US Securities and Exchange Commission for a licence to run a US-regulated securities exchange. Subject to SEC approval, it would become the first national venue where stocks can be traded on a 24-hour basis, 365 days a year.
The move comes as founder Galinov, a veteran of electronic trading in FX and equities, is betting that deep-pocketed investors now want to trade stocks and currencies at the weekend.
24 Exchange 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.