24 Exchange’s FX NDF engine processes over $4 billion ADV

Rick Steves

“Setting consecutive daily volume records for FX NDF trading is an exciting way to usher in the new year.”

24 Exchange has printed new records in FX NDF (non-deliverable forward) trading volumes, the Bermuda-based ECN announced.

The platform processed over $4 billion ADV in FX NDF trades for its global institutional customers on two consecutive days last week, thus surpassing their previous daily volume record of $3.1 billion set in October.

24 Exchange looking to onboard more institutional clients

Dmitri Galinov, CEO and Founder of 24 Exchange, stated the firm’s aim is to increase client access to liquidity at lower costs. “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.”

Apart from FX NDF trading, 24 Exchange also offers Crypto NDFs, which comply with the regulatory standards of the Bermuda Monetary Authority, FX Swaps, and FX Spot trading.

24 Exchange operates as a multi-asset class trading platform, offering market participants the ability to exchange exposures at minimal costs. The platform operates 24 hours a day, focusing on cost-effective trades across various asset classes. The company is actively working to broaden its offerings and develop new ways to provide institutional traders with greater liquidity at reduced costs.

24 Exchange Bermuda Limited, which runs 24 Exchange, is regulated by the Bermuda Monetary Authority for digital asset derivatives, by the Digital Asset Business Act.

“The first $1 billion is the hardest”

As mentioned above, the company which won the FinanceFeeds Award for Exceptional Liquidity Aggregation Provider in 2023, processed $3.1 billion in FX NDFs in just one day in October 2023.

24X finally crossed the $1 billion of FX NDFs average daily volume in January 2023. At the time, Dmitri Galinov stated that the first $1 billion would be the hardest. Once again he has been proven right. “It is true that the first billion is the hardest, especially in a market like FX NDFs which are emerging market currencies, but we’re growing very very fast […] Once you pass the first billion, then it starts growing on its own, and much quicker. Very exciting to see.

The current macro environment, with geopolitical issues, rising interest rates and volatility, are the key drivers for the increased demand for FX NDFs, he said, while including an additional and unique factor: availability. Electronic FX NDF trading was not available to market participants as it is now, with 24X. That is bringing several market participants to the fore, such as non bank market makers.

At TradeTech FX, Galinov said he believed demand for 24 Exchange’s services and overall FX NDF trading would be on the rise: “Fortunately for us, market operators there are always things happening all the time. We benefit from increased volumes and so forth. I think NDFs will be popular, especially in an electronic way, There is a big migration trading NDFs via voice and chat channels towards the electronic platform. It is here to stay.”

The four-year-old startup is also planning to launch a 24/7 stock exchange in the US. 24 Exchange had applied 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.

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