24 Exchange launching FX swaps and spot as NDFs volumes hit $250M
Bermuda based offshore electronic trading venue 24 Exchange has announced that it plans to launch FX Swaps and FX Spot products in January 2021.
24 Exchange was established last year by 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.
The company made the announcement after revealing that it has surpassed an Average Daily Volume (ADV) of $250 million in FX NDFs trading throughout October. The company’s transaction volume reached a single-day record of more than $400 million, while ADV levels of $250 million have continued into November. In August, 24 Exchange announced that it had reached an average daily volume of $100 Million.
Dmitri Galinov, CEO and founder of 24 Exchange said,
“Average Daily Volume has more than doubled since mid-summer, further enhancing our position as a robust and reliable liquidity pool in the FX NDF marketplace. With the coming addition of our two new offerings, FX Swaps and FX Spot trading, the 24 Exchange platform will become even more valuable to our trading customers around the world. We’re gratified that our customers are as ‘keen as mustard’ to onboard and expand their relationships with 24 Exchange.”
The company said that the FX Swaps product will be the first streaming swaps available in the marketplace, creating a unique next-generation platform. The company’s low-cost FX Spot trading product will go to six decimal places, an innovation over the five decimal places currently offered by competitors.
Jason Woerz, President of 24 Exchange added,
“Our accelerating growth is a clear demonstration of our platform’s strong relationship with the growing number of institutional investors we are proud to call clients. Adding relevant value-enhancing products to our range of offerings will further advance 24 Exchange’s overall evolution in the marketplace.”