24 Exchange reports record FX NDF trading volume for February

abdelaziz Fathi

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.

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<