24 Exchange’s FX NDF ADV Reaches $100M 

24 Exchange announced on Monday that the average daily volume (ADV) for its FX NDFs have touched $100 million.

The over-the-counter (OTC) platform was established by Fastmatch founder Dmitri Galinov.  It also highlighted that Wall Street giant JP Morgan is one of the active traders of its FX NDFs.

Galinov, founder and Platform CEO, said, in a very short period of time, 24 Exchange has topped $100 Million. That was in Average Daily Volume. It thus exceeded most competitors and established its platform as a must-access venue for FX NDFs.

They’re looking forward to working alongside J.P. Morgan to continue the growth and expansion of their robust trading platform.

Attracted Institutions over Months of Launch

The platform was established last year and operated by 24 Exchange Bermuda Limited. This was after Galinov sold Fastmatch in 2017 for $153 million.

24 Exchange offers multi-asset class trading. It targets clients with a promise of offering most cost-effective trades. That is across a growing range of asset classes, 24 hours a day.

The exchange also highlights that though it has its base in Bermuda, the Bermuda Monetary Authority does not regulate it. It is fully compliant with the FX Global Code.

There’s a growing demand for further electronification of the NDF markets. This was a statement from Eddie Wen, global head of digital markets for JP Morgan.

24 Exchange reduces the client burden of technology infrastructure. It allows for more efficient access to electronic liquidity by market participants.

The platform will offer a greater choice of trading venues for their clients. J.P. Morgan believes that innovation and choice are fundamental to the long-term growth of electronic markets.

They look forward to being part of the growth of this robust and important platform.

Reports in May revealed that banking giant Standard Chartered brought an undisclosed stake in 24 Exchange. It’s a part of its strategic investment.