Clearing solutions provider LCH announced on Tuesday that it has added 24 Exchange as an Approved Trade Source (ATS) for non-US customers.
Having ATS approval means that clients can novate trades to LCH. This means they can theoretically get lower counterparty risk and access to better margin terms.
The approval also means that 24 Exchange is the second electronic FX trading provider to offer non-US clients a means to clear non-deliverable forwards (‘NDFs’) with LCH.
“We are thrilled that 24 Exchange is now an Approved Trade Source for NDF clearing for our non-U.S. users at global institutions,” said 24 Exchange CEO and Founder Dmitri Galinov.
“This new settlement path with LCH is an exceptional new option for 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.”
Based in Bermuda, 24 Exchange is an ECN that offers access to FX and equities products.
The company was launched in 2019 by Galinov, who was previously the CEO of FastMatch, another FX ECN.
The company’s main ‘rasion d’etre’ is to provide clients access to multiple asset classes in one interface and give them lower trading fees.
