24 Exchange Adds Tim Cartledge and Steve Resnick to Board

24 Exchange, the OTC platform backed by Fastmatch founder Dmitri Galinov, has lured two veterans to join its board, which increases the number of appointed directors to five. Tim Cartledge and Steve Resnick take on their new roles as 24 Exchange creates a Board of Advisors and recruited Jose Marques and Marty Pompadur as its first two members.

Tim Cartledge brings more than 25 years of experience in financial markets with the bulk of his career spanning FX options market-making and electronic trading. He previously served as chief strategy officer of EBS BrokerTec, ICAP’s foreign exchange (FX) and fixed income business unit. Of note, EBS BrokerTec rebranded in 2017 as NEX Markets after ICAP sold off its voice broking unit to Tullett Prebon and renamed itself to NEX Group.

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Cartledge also served in a number of senior level roles at Barclays Bank, dating back to 2004 when he joined the UK lender. During his tenure he held such positions as Global Fixed Income Currencies and Commodities (FICC) Electronic Trading, Global Head Spot FX and BARX FX Trading, and the Head of FX Asia, among others.

The second newly-joined member to 24 Exchange board is Steve Resnick, the founder and CIO of Navigator Capital Partners, who also founded and currently leads Hedge IQ, a research and risk management consulting firm. Resnick’s career encompasses two decades working as a Wall Street analyst, portfolio strategist and director of research.

New investment from Standard Chartered

Announcing the new hires, Dmitri Galinov, CEO and founder of 24 Exchange, said, “We are very excited to have both Tim and Steve join our exceptional Board of Directors. Tim is a recognized pioneer of the Foreign Exchange industry, with senior management roles at the top sell-side institutions and extensive work in electronic trading. The Board also will benefit from Steve’s incredibly deep understanding of financial markets and data analytics. We look forward to Steve and Tim both making an immediate positive impact as members of our Board.”

Startup FX derivatives platform has also named Jose Marques and Marty Pompadur to its newly-created advisory board, which provides outside expertise to the company’s board across a wide range of strategic and operational issues.

24 Exchange has recently received a strategic investment from Standard Chartered, further expanding its existing partnership. It plans to utilize the funds to further grow its reach and offering among institutional investors. Beyond NDFs, other FX derivatives, including swaps and underlying currencies, would be traded soon on the offshore OTC venue, as well as possible expansion into equities and fixed income.

The multi-asset venue claims to offer institutional market participants a more cost-effective way to trade FX NDFs through eliminating market data fees. Ultimately, 24 Exchange plans to provide, following the roll-out, end-to-end processing, and workflow services across over the counter derivatives asset classes.

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