24 Exchange

24 Exchange, founded in 2018 by Dmitri Galinov, operates a multi-asset class trading platform designed for institutional clients such as banks, hedge funds, and proprietary trading firms. Galinov, a seasoned financial technology entrepreneur, previously founded FastMatch, an electronic communication network for foreign exchange trading, and held senior roles at Credit Suisse and Direct Edge ECN. His extensive background in building liquidity sources in multi-asset environments has shaped the company's trajectory. 24 Exchange is backed by several institutional investors, including Point72 Ventures, Morgan Creek Capital Management, and SC Ventures, having raised a total of $21.3 million over three funding rounds.

The company's core business revolves around providing a robust, low-cost electronic marketplace for trading a variety of financial instruments. Initially focusing on foreign exchange, the platform offers FX Spot, FX Swaps, and Non-Deliverable Forwards (NDFs). It has established a significant presence in the NDF market, recording substantial daily trading volumes and bridging previously fragmented pools of liquidity. The platform operates on a central dealer model, providing an anonymous liquidity pool and enabling clients to access it through various interfaces, including FIX API and a downloadable GUI. In addition to its FX products, the firm has also pioneered the trading of cryptocurrency NDFs, creating an institutional-grade gateway for traditional finance to enter the digital asset space.

A significant milestone for 24 Exchange is the regulatory approval from the U.S. Securities and Exchange Commission (SEC) to launch the "24X National Exchange". This new entity will be the first fully electronic, national securities exchange in the U.S. permitted to operate on a near 24-hour basis, five days a week. The exchange is set to launch in two stages, with the first phase beginning in the second half of 2025, offering trading from 4:00 AM to 7:00 PM ET. The ultimate goal is to enable around-the-clock trading of U.S. equities, catering to the growing global demand, particularly from the Asia-Pacific region, and reducing the risk traders face when markets are closed in their local time zones. The new exchange will run on a technology platform provided by MEMX Technologies, ensuring speed and resilience.

Keywords: multi-asset trading, institutional trading, foreign exchange, FX NDFs, FX Swaps, FX Spot, electronic marketplace, 24-hour trading, equities exchange, Dmitri Galinov, SEC approval, 24X National Exchange, cryptocurrency NDFs, liquidity solutions, low-cost trading, Point72 Ventures, Morgan Creek Digital, financial technology, emerging market currencies, institutional crypto