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24 Exchange
24 Exchange is a multi-asset brokerage firm founded in 2019 in Hamilton, Bermuda. It offers services including customizable pricing, liquidity bridging, and...
24 Exchange
24 Exchange is a multi-asset brokerage firm founded in 2019 in Hamilton, Bermuda. It offers services including customizable pricing, liquidity bridging, and dynamic credit management. The firm provides a single interface for market participants to access competitive fees.
General information
Firm type
Asset Manager
Year founded
2018
Location
Region
North America
Country
Bermuda
City
Hamilton
Corporate office
Hamilton, Bermuda
Principals
Dmitri Galinov
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at 24 Exchange?
Dmitri Galinov is the CEO and the firm's primary strategic decision-maker. Galinov previously founded FastMatch, an FX electronic communications network he sold to Euronext, and before that held senior roles at Credit Suisse. Day-to-day investment and product decisions are driven by the management team Galinov has assembled, though individual portfolio-manager allocations, if any, are not publicly disclosed.
How does 24 Exchange source its deal flow or liquidity?
24 Exchange does not source deals in the traditional sense — it operates as a trading venue. Liquidity comes from institutional participants who connect to the platform to trade FX NDFs, equity swaps, and crypto perpetual futures. The firm's value proposition is that a single counterparty relationship reduces the margin and operational overhead of dealing with multiple prime brokers.
Is 24 Exchange a family office or does it operate more like a venture firm?
Neither. 24 Exchange is an institutional trading-venue operator regulated by the Bermuda Monetary Authority. It was founded by a capital-markets entrepreneur, not a family, and does not manage discretionary investment portfolios. It generates revenue from transaction fees on its multi-asset platform.
Does 24 Exchange participate in fund commitments or only direct deals?
The firm does not make fund commitments or direct investments. It is a market-infrastructure business, not an asset manager. Its clients — institutional investors, hedge funds, and proprietary trading firms — use the platform to execute trades and net margin across FX, equities, and crypto.
What investment stages does 24 Exchange typically target?
24 Exchange does not target investment stages. As a trading venue, it provides execution and clearing services for liquid instruments — FX forwards, equity swaps, and crypto derivatives — rather than making venture, growth, or buyout investments.
Which sectors does 24 Exchange explicitly avoid?
The firm's publicly announced product lines are FX NDFs, equity swaps, and crypto perpetual futures. It has not entered cash equities (after withdrawing its SEC exchange application in January 2024), fixed-income, or commodities. The withdrawal from US equities signals an explicit current avoidance of US-regulated exchange infrastructure.
What is 24 Exchange's known posture on co-investments alongside external GPs?
24 Exchange does not co-invest or operate as a GP. Its business model is purely infrastructure — it charges transaction fees for access to its netting and execution platform. Allocators evaluating the firm would assess it as a vendor or trading counterparty, not as a fund manager.
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