24 Exchange, the over-the-counter (OTC) platform established by Fastmatch founder Dmitri Galinov, announced today that the average daily volume (ADV) for its FX NDFs has reached $100 million.
The platform also highlighted that Wall Street giant JP Morgan is one of the active traders of its FX NDFs.
“In a very short period of time, 24 Exchange has topped $100 Million in Average Daily Volume, exceeding most competitors and establishing our platform as a must-access venue for FX NDFs,” Galinov, founder and CEO of the platform, said in a statement.
“We are looking forward to working alongside J.P. Morgan to continue the growth and expansion of our robust Trading Platform .”
Attracted the Institutions over Months of Launch
Operated by 24 Exchange Bermuda Limited, the platform was established last year after Galinov sold Fastmatch in 2017 for $153 million.
24 Exchange offers multi-asset class trading and is targeting clients with a promise of offering “most cost-effective trades across a growing range of asset classes, 24 hours a day.” The exchange also highlights that though it is based in Bermuda, it is not regulated by the Bermuda Monetary Authority and is fully compliant with the FX Global Code.
“There is growing demand for further electronification of the NDF markets,” Eddie Wen, global head of digital markets for JP Morgan, added. “24 Exchange reduces the client burden of technology infrastructure, allowing for more efficient access to electronic Liquidity by market participants.
“The platform will offer greater choice of trading venues for our clients. J.P. Morgan believes that innovation and choice are fundamental to the long-term growth of electronic markets. We look forward to being part of the growth of this robust and important platform.”
In May, Finance Magnates reported that banking giant Standard Chartered bought an undisclosed stake in 24 Exchange, as a part of its strategic investment.
