24 Exchange processed $1.49 billion in average FX NDF in February 2023
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24 Exchange processed $1.49 billion worth of average daily forex non-deliverable forwards (NDF) for its global institutional clients in February 2023. Because of these numbers, the exchange has now set a new average daily volume (ADV).
24 Exchange sets a new FX NDF record in February
24 Exchange has been reporting healthy numbers since the year started. Besides breaking the current record for this month, the FX NDF platform also surpassed expectations in January after reaching single-day volumes of $1.9 billion.
24 Exchange is a trading platform that was launched in 2019. The company reported surpassing the $1 billion mark in the FX NDF ADV in January. The average daily volumes for forex NDF on the platform increased by around 50% last month, a notable development.
The company’s healthy financial outlook has been seen in recent months. In October last year, the trading venue maintained daily and weekly records of its forex NDFs. The daily forex NDFs traded on the platform reached $1.476 billion on October 21, 2022.
The Chief Executive Officer at 24 Exchange, Dmitri Galinov, has discussed these financial results, commending the industry’s response to the FX NDF offerings made by the company. 24 Exchange is a trading platform that is regulated by the Bermuda Monetary Authority, and it supports a wide range of financial assets such as cryptocurrencies, FX swaps, crypto NDFs, and FX spot.
Galinov said, “Our platform is uniquely able to bridge the bifurcated pool of liquidity in NDFs to unlock a single anonymous pool of liquidity for discerning institutional customers.”
Demand for institutional spot FX drops in February
The demand for institutional forex trading activities dropped in February 2023 after a post-holiday recovery seen in January. The current market trend depends on the new spot FX data released by Cboe FX and Deutsche Borse’s 360T. The two are some of the largest trading platforms offering institutional spot FX platforms.
Cboe FX and 360T reported a month-over-month decline in the total trading volumes for February. Moreover, the FX daily futures contracts dropped in Japan as reported by Click 365. The latter is an FX Daily Futures contracts platform listed on the Tokyo Financial Exchange.
The FX daily futures contracts for the platform dropped by 11.1% month-over-month to around 2.4 million, with the average daily volumes surpassing 118,000. While these platforms have reported healthy numbers since the year started, the performance has been mixed, as some platforms have not had healthy volumes.
Cboe FX reported a better financial performance in February last year compared to February this year. On the other hand, 360T and Click 365 reported healthy output in February 2023 compared to the same month last year. The financial results show that the trading platforms still have much to report before they can realize healthy financial growth. Nevertheless, the performance seen in 2023 indicates that a healthier recovery could be on the way.