<p>24 Exchange processed
$1.49 billion in average daily forex non-deliverable forward (NDF) for its
global institutional customers in February 2023, thereby setting a new ADV
record. The FX NDF platform also hit a record single-day volume of $1.9
billion last month.</p><p>24 Exhange’s new
result comes one month after the trading venue, which was launched in 2019, <a href=”https://www.financemagnates.com/institutional-forex/24-exchange-crosses-1b-mark-in-forex-ndfs-adv-in-january/” target=”_blank” rel=”follow”>crossed the $1 billion mark</a> in its FX NDF ADV.
In other words, the platform’s average daily volume in forex NDF surged approximately 50% higher last month.</p><p>Earlier in October,
24 Exchange reported daily and weekly records in its forex NDFs. At the time,
daily forex NDFs traded on the platform <a href=”https://www.financemagnates.com/forex/24-exchange-sees-record-forex-ndfs-trade-volumes-in-october/” target=”_blank” rel=”follow”>hit a record $1.476 billion</a> on the 21st day of
that month. </p><p>Speaking on the new
record, Dmitri Galinov, 24 Exchange’s Chief Executive Officer and Co-Founder,
commended the industry’s response to the company’s FX NDF offerings. 24 Exchange,
which is regulated by the Bermuda Monetary Authority, also offers crypto spot
trading, crypto NDFs, FX swaps and FX spot.</p><p>“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,’
Galinov noted.</p><p>Institutional Spot FX
Demand Slows Down in February</p><p>Meanwhile, Finance
Magnates reported on Wednesday that institutional forex trading activities <a href=”https://www.financemagnates.com/institutional-forex/institutional-spot-fx-demand-slows-in-february-after-post-holiday-boost/” target=”_blank” rel=”follow”>slowed down in February 2023</a> following the <a href=”https://www.financemagnates.com/institutional-forex/institutional-spot-fx-demand-recovers-in-january-from-holiday-lows/” target=”_blank” rel=”follow”>post-holiday recovery</a> posted in January. The market trend is based on new spot
FX data released by <a href=”https://fx.cboe.com/products/hotspot_volumes.jsp” target=”_blank” rel=”follow”>Cboe FX</a> and <a href=”https://www.360t.com/volumes-overview/360t-daily-trading-volumes/” target=”_blank” rel=”follow”>Deutsche Börse’s 360T</a>, two of the largest
institutional spot FX trading venues.</p><p>Both Cboe FX and 360T
reported month-over-month (MoM) decreases in their total trading volumes in
February. FX daily futures contracts also <a href=”https://www.tfx.co.jp/en/newsfile/article/20230301-01″ target=”_blank” rel=”follow”>slimmed in Japan</a> as Click 365,
a FX daily futures contracts on the Tokyo Financial Exchange, <a href=”https://www.tfx.co.jp/en/newsfile/article/20230301-01″ target=”_blank” rel=”follow”>slipped by 11.1% MoM</a> to approximately 2.4
million with an average daily volume of over 118,000. </p><p>However, when
compared year-over-year, these trading venues reported a mixed performance in
February. While Cboe FX had a better performance in February 2022 compared to last month, both 360T and Click 365 boast of better output in February 2023 compared to the same period last year.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
