24 Exchange reports record FX NDF volumes as 24/7 trading grows popular

Rick Steves

“We continue to tailor our set of offerings to create a one-of-a-kind trading experience with unparalleled market access and lower costs.”

24 Exchange has reported a daily FX NDF trade volume of $1.476 billion on October 21 and a weekly FX NDF trade volume of $1.175 billion from October 17-21, 2022.

These figures constitute two record-breaking FX NDFs trade volumes, signaling 24 Exchange platform’s growth and the market’s embrace of the company’s product multi-asset offerings based on 24/7 trading.

“Unparalleled market access and lower costs”

Jason Woerz, President of 24 Exchange, said, “The recent growth of our NDF platform is a testament to our unwavering attention to providing our clients with the best possible trading experience and platform. At 24 Exchange, our highest priority is understanding and meeting the needs of our institutional clients who are seeking access to optimal liquidity through our expanding range of trading workflows. We continue to tailor our set of offerings to create a one-of-a-kind trading experience with unparalleled market access and lower costs.”

As the name suggests, 24 Exchange is the trading venue that never stops. Its customized solutions for increased profitability through a variety of trading workflows go beyond FX NDFs.

The venue also provides institutional market clients with access to Crypto Spot trading, Crypto NDFs, FX Swaps, and FX Spot.

$1 billion weekly volume

24 Exchange’s average weekly FX NDF trading volume surpassed $1 billion during three of the last six weeks and ADVs are expected to continue growing not only in FX NDF products, but also other assets as the network of FX, cryptocurrency, and NDF stakeholders and platforms grows.

A testament to that is the recent partnership with the Talos Partner Network, providing clients with access to new liquidity in cryptocurrency spot trading.

24 Exchange is operated by 24 Exchange Bermuda Limited and 24 Exchange Broker Limited which are regulated by the Bermuda Monetary Authority (BMA) for the purposes of conducting Digital Asset Business, pursuant to the Digital Asset Business Act.

FinanceFeeds interviewed 24 Exchange CEO Dmitri Galinov

FinanceFeeds debuted its Podcast series with an interview with Dmitri Galinov, the chief executive of the multi-asset exchange addressing market challenges such as fragmented pools of liquidity and increasingly costly access fees and data.

He spoke about 24 Exchange’s innovative approach to over-the-counter crypto trading and the application for an SEC license to operate the 24X National Exchange LLC, which would offer to trade in U.S. equities 24/7, 365 days a year – a move that would disrupt equities markets as we know it.

The timing for the SEC’s review and approval of that proposed new exchange will be determined solely by the agency, but Dmitri Galinov said he expects a decision later this year.

The 24 Exchange CEO also went into detail about this year’s ‘Crypto Winter’ as he explained how the depreciation of assets and bankruptcies were triggered by too much leverage and people taking credit risks without understanding them.

“The positive thing coming from this experience is that now the firms are becoming more conservative”, he said, likening the crypto winter to the housing market bust in 2008. Mr. Galinov added that crypto overall is doing very well on the infrastructure side as big banks continue to join the ecosystem.

Read this next

Digital Assets

As SPAC bubble bursts, Circle terminates its $9 billion merger with Concord

USDC stablecoin issuer, Circle has terminated its planned $9 billion SPAC merger with publicly traded blank-check company Concord Acquisition Corp.

Institutional FX

Integral reports lowest FX volume in two years

Foreign exchange trading volumes dropped in November across Integral’s trading platforms as currency markets saw a relatively quiet period after consecutive months of strong trading activity.

Technology

CDEX: Avelacom announces connectivity to Cboe Europe Derivatives

“We anticipate that many of our customers from Asia will be particularly interested in getting exposure to pan-European products via just one venue, which CEDX offers.”

Retail FX

BUX acquires Spanish Ninety Nine’s retail brokerage unit

“Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”

Digital Assets

SEBA and HashKey partner to expand crypto in Hong Kong and Switzerland

SEBA Bank AG has announced a new strategic partnership with HashKey Digital Asset Group as part of both firm’s expansion efforts in Hong Kong SAR. 

Executive Moves

Broadridge appoints Martin Koopman as Chief Product Officer

“Martin has a proven record of driving product innovation both at Broadridge and at previous companies. His vision and proven ability to execute will be invaluable as we become the foremost SaaS provider to the financial services industry.”

Digital Assets

DAM rolls out Moonwalkers v1 testnet ahead of support for yield-generating collateral

“We want to champion innovation by making it easier to securely direct stablecoin liquidity away from Ethereum towards newer networks without the constant vulnerabilities posed by bridges. d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.”

Institutional FX

FIA EXPO: ICE’s Brian Norris talks ESG investment, carbon credits and market data

The FIA Futures & Options Expo, now in its 38th year, convened the listed derivatives dealers, thought industry leaders and other stakeholders for two days of networking.

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

<