Bermuda-based multi-asset class trading platform 24 Exchange announced on Friday that it forex non-deliverable forwards (NDFs) trade volume reached a record daily and weekly highs.
The platform revealed that on 21 October FX NDF hit $1.476 billion. Furthermore, the weekly FX NDF trade volume also registered a record at $1.175 billion from 17-21 October 2022.
The company added:
During three of the last six weeks, average weekly FX NDF trading volume on the 24 Exchange platform surpassed $1 billion.
Jason Woerz, President of 24 Exchange, said:
The recent growth of our NDF platform is a testament to our unwavering attention to providing our clients with the best possible trading experience and platform.
Additionally, 24 Exchange shared its expectations to see continued growth not only in its FX NDF trading volumes, but in other assets as well.
The company said was cultivating and strengthening relationships with a growing network of FX, cryptocurrency, and NDF stakeholders and platforms.
The company’s affiliate, 24 Exchange Broker Limited, obtained a license from the Bermuda Monetary Authority (BMA) trade crypto in February 2022.