24 Exchange Soars to $250 Million Average Daily Volume Record in FX NDFs
Company will launch FX Swaps and FX Spot products in January 2021
HAMILTON, Bermuda, Nov. 16, 2020 /PRNewswire/ -- 24 Exchange, a multi-asset class, 24-hour trading platform, has surpassed an Average Daily Volume (ADV) of $250 Million in FX NDFs 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.
The company also announced today that it will launch FX Swaps trading and FX Spot trading in January of 2021. These two additional FX products will offer the same word-class liquidity and cost efficiencies as 24 Exchange's FX NDFs.
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 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."
24 Exchange operates in full compliance with the principles of the FX Global Code.
About 24 Exchange
24 Exchange is a multi-asset class trading platform that allows market participants to exchange their exposures at the lowest possible cost. Our mission is to enable our members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. We lower the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. 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. More information is available at https://www.24exchange.net/.
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