Dmitri Galinov ran FastMatch, the foreign exchange electronic communication network, from its 2012 founding until 2018. Under his watch, Euronext bought the company in August 2017 for $153 million, with a potential $10 million earn-out on top. Once the platform was folded in and rebranded as Euronext FX, Galinov departed. In 2019 he surfaced again as founder and CEO of 24 Exchange, a Bermuda-based venue spanning FX, commodities and digital assets.
Before FastMatch, Galinov spent over a decade at Credit Suisse, where he became managing director and global head of FX electronic markets. He also worked at FXall, the multi-bank FX portal. His career tracks the industry's pivot from voice-driven dealing rooms to screen-based, non-ank venues.
Credit Suisse and FXall: The Pre-FastMatch Years
Galnov's FX career started at FXall, a multi-ank portal that pooled liquidity from competing dealers. That stint showed him how screen-based execution could strip friction out of currency markets.
He then moved to Credit Suisse for more than ten years, rising to managing director and global head of FX electronic markets. He oversaw the bank's screen-based systems, competing against offerings from Deutsche Bank, UBS, and Barclays. The job demanded he balance the bank's internal flow with the demands of external clients, a dual perspective that later shaped how he built an independent ECN.
By the time he left, Galinov had roughly fifteen years in FX, almost entirely on the screen-based side. That background let him spot a gap: a faster, simpler ECN that could draw both banks and non-ank liquidity providers.
Founding FastMatch and Becoming CEO
FastMatch launched in 2012 as an independent electronic communication network for spot FX, promising low latency and a straightforward fee schedule. Galinov, a co-founder, became CEO from day one.
He was the obvious pick to lead. Unlike ECNs that emerged from bank consortiums or spin-offs, FastMatch was an independent startup. Galinov's deep electronic-arket experience meant he grasped both the technology and the structural hurdles new entrants face. His early priority was building a venue that could challenge incumbents like EBS and Reuters Matching, plus newer rivals such as Hotspot FX. FastMatch aimed to differentiate on speed, transparency, and a pricing model that appealed to systematic trading firms and smaller banks.
FastMatch's Business Model and Market Position
How the ECN made money
FastMatch matched spot FX orders from banks, hedge funds and other institutions. Revenue came from per-trade fees, a model that rewards volume and low latency. Instead of tiered membership charges, FastMatch kept its pricing simple, a choice that pulled in a broad mix of liquidity providers and takers.
Where it sat in the market
By 2017 FastMatch had carved out a meaningful slice of global spot FX volume, though it stayed smaller than the largest ECNs. Its users included global and regional banks alongside non-ank market makers. Matching engines sat in data centers close to the main FX hubs, built purely for speed.
FastMatch was a challenger. It lacked the legacy brand of EBS or Reuters, but it offered lower costs and faster fills. That combination drew algorithmic traders and hedge funds, whose presence in FX markets was growing fast.
The Euronext Acquisition: Details and Rationale
Euronext announced the deal on May 23, 2017. The price: $153 million upfront, with an earn-out of up to $10 million pegged to performance targets. The transaction closed that August.
Euronext wanted into FX, a market still dominated by over-the-counter dealing and a few large ECNs. FastMatch handed the exchange group a ready-uilt technology platform, a live customer base, and a team with deep currency-market expertise. The deal also fit Euronext's push to diversify beyond equities and derivatives into fixed income and currencies.
For FastMatch and Galinov, the sale delivered a well-capitalised owner with resources to invest. Euronext planned to fold the ECN into its broader post-trade and data services, offering clients a fuller suite of tools. The earn-out kept the FastMatch team financially tied to growth during the handover.
Galnov's Role During and After the Acquisition
After the deal closed, FastMatch was rebranded Euronext FX. Galinov stayed as CEO through the integration, steering the venue into Euronext's technology and commercial machinery. His job: keep the ECN running smoothly while it was absorbed into a larger, differently-aced organisation.
The integration meant aligning FastMatch's tech with Euronext's systems, migrating client relationships, and harmonising fee schedules. Galinov's years inside a large bank likely helped him navigate the cultural and operational gaps between a startup and a public exchange group.
He left Euronext FX in 2018. The departure was a natural endpoint. He had built FastMatch from scratch into a business now owned by a major European exchange. The earn-out window had shut, and the company was on a new path.
After Euronext: Founding 24 Exchange
In 2019 Galinov founded 24 Exchange, a multi-asset venue based in Bermuda, and serves as its CEO. The platform covers FX, commodities and digital assets for institutional clients. Bermuda's regulatory regime, which has courted fintech and digital-aset firms, provided the base.
A familiar playbook
24 Exchange extends the FastMatch blueprint beyond pure FX. The venue promises low-latency execution and a simple fee structure. Galinov's pattern is consistent: build a screen-based venue, sell it to a larger exchange group, then start again. His FastMatch exit, from zero to a nine-igure sale in five years, ikely helped attract investors and early clients to 24 Exchange.
Key Facts: Dmitri Galinov and FastMatch
- Role: CEO and co-founder of FastMatch (2012-2018)
- Acquirer: Euronext
- Acquisition announced: May 23, 2017
- Acquisition closed: August 2017
- Deal value: $153 million upfront, plus up to $10 million earn-out (Euronext disclosed terms; see Euronext press release for final figures)
- Post-acquisition name: Euronext FX
- Departure from Euronext FX: 2018
- Next venture: Founded 24 Exchange in 2019
Career Timeline
| Period | Role | Organisation |
|---|---|---|
| Early 2000s | Employee | FXall |
| ~2002–2012 | Managing Director, Global Head of FX Electronic Trading | Credit Suisse |
| 2012–2017 | CEO and co-founder | FastMatch |
| 2017–2018 | CEO | Euronext FX (formerly FastMatch) |
| 2019–present | Founder and CEO | 24 Exchange |
Frequently Asked Questions
What is FastMatch?
FastMatch was an electronic communication network (ECN) for foreign exchange, founded in 2012 and acquired by Euronext in 2017 for $153 million.
Who bought FastMatch?
Euronext, the pan-European exchange group, acquired FastMatch in August 2017.
What did Dmitri Galinov do after FastMatch?
He founded 24 Exchange in 2019, a multi-asset venue based in Bermuda, and serves as its CEO.
Did Galinov stay at Euronext after the acquisition?
He remained as CEO of Euronext FX during the integration period and left in 2018.
