24 Exchange Hits Highs with over $4 Billion in Consecutive Daily FX NDF Volumes

Monday, 22/01/2024 | 15:11 GMT by Tareq Sikder

In October of the preceding year, the exchange established a daily volume record of $3.1 billion.

In February 2023, the exchange recorded a daily average forex NDF volume of $1.49 billion.

24 Exchange Sees Record Forex NDFs Trade Volumes in October — 24 Exchange

24 Exchange, the multi-asset class trading platform, announced today that it has set consecutive daily records for Foreign Exchange Non-Deliverable Forward (FX NDF) trading volume. The company processed an impressive total of over $4 billion in FX NDF trades for its global institutional customers on two consecutive days last week. This achievement marks a milestone, surpassing 24 Exchange's previous daily volume record of $3.1 billion set in October of the previous year.

Consecutive Daily Volume Achievements in FX NDF Trading

Dmitri Galinov, the CEO and Founder of 24 Exchange, stated: "Setting consecutive daily volume records for FX NDF trading is an exciting way to usher in the new year. The continuing growth in FX NDF trading volume exemplifies the value our clients achieve by using our innovative and efficient platform. In the months ahead, we look forward to helping greater numbers of clients access increased liquidity at the lowest cost on the 24 Exchange platform."

Dmitri Galinov, CEO, and Founder of 24 Exchange, Source: LinkedIn

24 Exchange operates as a multi-asset class trading platform, facilitating seamless exchanges for market participants at the lowest cost. The platform's mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. Galinov emphasized the company's commitment to providing creative and unique workflows tailored to each asset class, with the ultimate goal of lowering the cost of exchanging assets in the global markets.

24 Exchange also offers Crypto NDFs, meeting regulatory standards set by the Bermuda Monetary Authority. The platform extends its services to include FX Swaps and FX Spot, with efforts to expand these offerings and create additional avenues for delivering institutional traders more liquidity at lower costs.

24 Exchange with $1.9 Billion Single-Day Volume in February 2023

In February 2023, 24 Exchange achieved a daily average volume of $1.49 billion in forex NDF for global institutional customers, representing an increase of 50% from the previous month, according to a report by Finance Magnates. Additionally, the platform set a single-day volume record of $1.9 billion. Galinov attributed the industry's positive response to the platform's unique ability to unify liquidity pools in NDFs.