Bermuda based offshore electronic trading venue 24 Exchange has announced that it has reached average daily volume of $100 million in FX NDFs. the company didn’t give any more context regarding the volume figure – i.e. over which length of period they achieved the $100 million figure, or what volumes have been monthly.

In addition, 24 Exchange stated that JP Morgan began actively trading FX NDFs on its platform on Day 1 of operation in December of 2019, and remains one of the most active dealers on the platform.

Dmitri Galinov, CEO and founder of 24 Exchange, said,

“In a very short period of time, 24 Exchange has topped $100 Million in Average Daily Volume, exceeding most competitors and establishing our platform as a must-access venue for FX NDFs. We are looking forward to working alongside J.P. Morgan to continue the growth and expansion of our robust trading platform.”

Eddie Wen, Global Head of Digital Markets for JP Morgan, said,

“There is growing demand for further electronification of the NDF markets. 24 Exchange reduces the client burden of technology infrastructure, allowing for more efficient access to electronic liquidity by market participants. The platform will offer greater choice of trading venues for our clients. J.P. Morgan believes that innovation and choice are fundamental to the long-term growth of electronic markets. We look forward to being part of the growth of this robust and important platform.”

24 Exchange was established last year by the aforementioned Dmitri Galinov as a new FX-centric derivatives exchange. Mr. Galinov established the company after selling spot FX ECN FastMatch to Euronext for $153 million in 2017. The company states that its mission is to enable its members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day.

24 Exchange is operated by 24 Exchange Bermuda Limited. The company is domiciled in Hamilton, Bermuda but is not regulated by the Bermuda Monetary Authority.