24 Exchange Sets New FX NDF Trading Record in February

Wednesday, 01/03/2023 | 20:59 GMT by Solomon Oladipupo

The trading platform crossed the $1 billion mark in FX NDF ADV in January.

Institutional spot FX demand slowed down in February after post-holiday boost.

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

24 Exchange processed $1.49 billion in average daily forex non-deliverable forwards (NDF) for its global institutional customers in February 2023, thereby setting a new average daily volume (ADV) record. The FX NDF platform also hit a record single-day volume of $1.9 billion last month.

24 Exhange’s new result comes one month after the trading venue, which was launched in 2019, crossed the $1 billion mark in its FX NDF ADV. In other words, the platform’s average daily volume in forex NDF surged approximately 50% higher last month.

Earlier in October, 24 Exchange reported daily and weekly records in its forex NDFs. At the time, daily forex NDFs traded on the platform hit a record $1.476 billion on the 21st day of that month.

Speaking about the new record, Dmitri Galinov, 24 Exchange’s Chief Executive Officer and Co-Founder, commended the industry's response to the company’s FX NDF offerings. 24 Exchange, which is regulated by the Bermuda Monetary Authority, also offers crypto spot trading, crypto NDFs, FX swaps and FX spot.

“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," Galinov noted.

Institutional Spot FX Demand Slows Down in February

Meanwhile, Finance Magnates reported on Wednesday that institutional forex trading activities slowed down in February 2023 following the post-holiday recovery posted in January. The market trend is based on new spot FX data released by Cboe FX and Deutsche Börse's 360T, which are two of the largest institutional spot FX trading venues.

Both Cboe FX and 360T reported month-over-month (MoM) decreases in their total trading volumes in February. Additionally, FX daily futures contracts slimmed in Japan as Click 365, an FX Daily Futures contracts on the Tokyo Financial Exchange, slipped by 11.1% MoM to approximately 2.4 million with an average daily volume of over 118,000.

However, when compared year-over-year, these trading venues reported a mixed performance in February. While Cboe FX saw better performance in February 2022 compared to last month, both 360T and Click 365 boast of better output in February 2023 compared to the same period last year.

Earlier in October, 24 Exchange reported daily and weekly records in its forex NDFs. At the time, daily forex NDFs traded on the platform hit a record $1.476 billion on the 21st day of that month.

“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," Galinov noted.