Dmitri Galinov’s 24 Exchange handles $3.1 billion in a single day
24 Exchange has marked a major milestone in its FX NDF business with yet another record volume.
Per its own report, the Hamilton, Bermuda-based company processed $3.1 billion in FX NDFs in just one day last week for its institutional customers. Earlier in March, the platform headed by Fastmatch founder Dmitri Galinov reached a daily record FX NDF trading volume of $1.89 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 thrilled to set another daily volume record in FX NDF trading for our clients seeking greater liquidity. The response from discerning institutional customers to our robust platform and unmatched customer experience has been tremendous. We remain committed to meeting the needs of our customers for multiple asset class offerings on a 24 hours basis and with the lowest possible cost.”
The regulated OTC platform also expects to see continued interest across its crypto products as its 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 24/7 stock exchange in the US. 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.