Standard Chartered invests in FX derivatives startup 24 Exchange 

The global head of FX at Standard Chartered will take a seat on the 24 Exchange board of directors as part of strategic investment.

Startup FX derivatives platform 24 Exchange has confirmed that Standard Chartered has made a strategic investment in the firm, further expanding its existing partnership.

As part of the investment, the global head of FX trading at Standard Chartered, Geoff Kot, will join the board of directors at 24 Exchange. Terms of the deal were not disclosed.

Launched last year by former CEO of the FX spot market operator FastMatch, Dmitri Galinov, the multi-asset, multi-dealer FX derivatives trading platform aims to reduce the costs of trading and eliminates market costs, with access to liquidity 24-hours a day.

“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,” said the startup’s founder, Galinov. 

The two companies partnered up last year to provide a central prime broker model that aimed to lower margins for clients. 24 Exchange said at the time the partnership solves regional liquidity splitting issues by creating a single liquidity pool for non-deliverable forwards (NDFs) for clients globally.

“We are excited about this strategic partnership at Standard Chartered, working with 24 Exchange to promote innovation and continued evolution in FX markets,” added Kot. “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.”

Lat year, Standard Chartered became a liquidity provider for FX options trading firm Digital Vega to support its clients increasingly adopting electronic trading methods. More recently,  the banking group became the latest major institution to sign up to the FX post-trade technology network from Cobalt for centralised and automated post-trading processes.