Multi-asset trading platform 24 Exchange has launched FX live swaps trading through a partnership with CobaltFX. 
The development will see the trading platform leverage CobaltFX’s Dynamic Credit process to achieve more flexible and scalable trade execution by optimising credit intermediation, reducing operational risk and enhancing liquidity efficiency.
24 Exchange has said that the partnership will allow counterparties to pre-set credit relationships and allocate available credit based on real-time trading conditions.
Jason Woerz, president of 24 Exchange, said: “We are thrilled to be live with FX swaps trading and to offer our clients a more efficient, cost-effective trading environment. The collaboration with CobaltFX, allows us to redefine how credit is managed in the FX market, giving participants unprecedented access to liquidity.”
Cobalt relaunched as CobaltFX following its acquisition in December 2022 by United Fintech, with a complete focus on foreign exchange in what chief executive Marc Levin described at the time as “returning to the company’s roots”.
This latest development is also expected to address challenges which often face the FX swaps market, including credit limitations, operational inefficiencies, pre-funding constraints and settlement risks to allow traders to access deeper liquidity pools and execute larger trades.
Read more – BNP Paribas expands CobaltFX relationship to streamline bank credit allocation
“24 Exchange’s adoption of our Dynamic Credit process is a testament to its ability to revolutionise credit management in FX markets,” said Darren Coote, chief executive of CobaltFX.
“By optimising credit usage in real-time, we are helping the industry reduce risk while increasing efficiency and transparency.”
In November 2024 the US Securities and Exchange Commission approved 24 Exchange in an effort to “significantly expand trading outside of regular trading hours” for NMS stocks.