24 Exchange Taps FairXchange for Independent Execution Analytics

24 Exchange Taps FairXchange for Independent Execution Analytics

Both liquidity providers and consumers will benefit from data-driven analytics.

24 Exchange, the OTC platform established by the founder of Fastmatch Dmitri Galinov, announced on Thursday that it has tapped the services of FairXchange for independent execution analytics.

FairXchange is a financial market data science firm. Though, 24 Exchange is integrating its Horizon solution for analyzing all relevant transaction and pricing data across the platform. This, according to the company, will facilitate mutually profitable data-driven discussions with its liquidity providers and liquidity consumers.

“We are very pleased to be joining with the data analytics experts at FairXchange,” Galinov said in a statement. “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.”

The Institutional Market

24 Exchange became operational in 2020 and is primarily offering forex non-deliverable forwards to institutions. In addition, the company expanded offerings to FX swaps and even gained a cryptocurrency license in Bermuda to provide crypto trading services to institutions.

It even received investment from Standard Chartered that helped create a lot of exposure in the established financial industry.

The FairXchange Founder and CEO, Guy Hopkins said: “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 optimize 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.”

Meanwhile, FairXchange recently partnered with Deutsche Börses 360T to offer similar independent execution analytics, thus improving trade analysis and pricing data.