24 Exchange has achieved a major milestone in the foreign exchange derivatives space, reporting a record daily volume of $7.5 billion in non-deliverable forward (NDF) trades on April 11—its highest single-day performance to date.
The Bermuda-based trading venue attributes this record to a combination of rising institutional demand and increased market volatility, driven by macroeconomic and geopolitical shifts.
Surge in Institutional Activity
Launched in 2019, 24 Exchange provides institutional clients with access to FX NDFs, spot trades, and swaps through a unified over-the-counter (OTC) platform. The firm has positioned itself as a low-cost, high-efficiency alternative to traditional FX trading venues.
“This new milestone reflects the trust our institutional clients have in our platform,” said Dmitri Galinov, Founder and CEO of 24 Exchange. “We’re seeing growing daily volumes, which highlights the liquidity and cost advantages we provide. Our focus is on continued innovation to meet rising market demand.”
The spike in trading volume comes amid heightened currency market fluctuations, spurred by developments such as shifting interest rate expectations, geopolitical tensions, and proposed U.S. trade tariffs.
Competitive Edge in a Volatile Market
As institutional investors ramp up hedging and arbitrage strategies, demand for NDF trading venues has intensified. Electronic platforms like 24 Exchange are capitalizing on this momentum, with several posting record volumes in early 2024.
24 Exchange’s infrastructure is designed to offer seamless execution across multiple FX instruments, enhancing speed, transparency, and cost-efficiency—key selling points for institutions managing volatility across global markets.
While the company hasn’t detailed its next strategic moves, it signaled ongoing plans for platform enhancements and market expansion.
Rising Competition in the NDF Space
The surge in demand for non-deliverable forwards is fueling competition among FX platforms. As market conditions remain uncertain, institutional clients continue to seek robust and agile trading solutions—factors that have contributed to 24 Exchange’s growing presence in the space.
With its latest volume milestone, 24 Exchange aims to build on this momentum and further solidify its role as a disruptive force in the FX trading ecosystem.