24 Exchange Hits New Peak in NDFs
Posted by Colin Lambert. Last updated: October 24, 2023
24 Exchange has breached the $3 billion daily volume threshold for the first time on its NDF offering, the platform says it handled $3.1 billion one day last week in the product.
The platform has been experiencing a surge in activity, with year-on-year volumes doubling most moths during 2023. It hit a new peak for NDF ADV on a monthly basis in July at $2.25 billion, although has drifted slightly lower in the two months since – in September ADV for NDFs was just over $1.8 billion.
“We are thrilled to set another daily volume record in FX NDF trading for our clients seeking greater liquidity,” says an understandly excited Dmitri Galinov, CEO and founder of 24 Exchange. “The response from discerning institutional customers to our robust platform and unmatched customer experience has been tremendous. We remain committed to meeting the needs of our customers for multiple asset class offerings on a 24 hours basis and with the lowest possible cost.”
In addition to its FX NDF platform, the company offers crypto NDFs (meeting regulatory standards set by the Bermuda Monetary Authority), FX swaps, and FX spot, although it does not yet publish volumes in those products. The firm adds it is working to expand on these offerings and it continues to chase a licence for its proposed 24-hour equities exchange.