24 Exchange reports record FX NDF trading volume for February

24 Exchange has marked a major milestone in its FX NDF business with yet another record volume in February 2023.

Per its own report, the Hamilton, Bermuda-based company processed $1.49 billion in average daily FX NDF trading volume for its institutional customers over the course of the month. Additionally, the platform headed by Fastmatch founder Dmitri Galinov reached a daily record FX NDF trading volume of $1.89 billion.

On a monthly timetable, the 24 Exchange platform’s February average daily FX NDF trading volume was approximately 50 percent higher than the January’s ADV of $1 billion.

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

24 Exchange CEO and Founder Dmitri Galinov, said: “We are very pleased to see such a record-setting response to our FX NDF offering. Our platform is uniquely able to bridge the bifurcated pool of liquidity in NDFs to unlock a single anonymous pool of liquidity for discerning institutional customers. Our growing company remains committed to providing an optimal customer experience on our platform across multiple asset class offerings.”

The regulated OTC platform also expects to see continued interest across its crypto products as its spot and non-deliverable forward infrastructure develops throughout the course of 2023. Specifically, the company expects additional crypto NDF trading participants, adding to the growing list of financial services providers teaming up for the hybrid platform.

Operated by 24 Exchange Bermuda Ltd, Dmitri Galinov’s brainchild is a multi-asset class platform that combines both cryptocurrency and FX trading on a single technology. In addition, the company is looking to expand its product range alongside partners including Standard Chartered.

The four-year-old startup is also planning to launch a 27/7 stock exchange in the US that will enable retail investors to trade with a minimum increment of one one-thousandth of a share.

24 Exchange had filed an application with the US Securities and Exchange Commission for a licence to run a US-regulated securities exchange. Subject to SEC approval, it would become the first national venue where stocks can be traded on a 24-hour basis, 365 days a year.

The move comes as founder Galinov, a veteran of electronic trading in FX and equities, is betting that deep-pocketed investors now want to trade stocks and currencies at the weekend.