Over-the-counter (OTC) trading platform, 24 Exchange has released its trading volume for October. The exchange said it recorded $514 million as its ADV for the month, which is by far the highest monthly volume in the company’s history.
The firm recorded an ADV volume of $394 million for September, which means the October volume is a 30% increase on its Month-over-Month (MoM) volume.
24 Exchange may not have a long history like other well-established exchanges. But the platform has gained ground since it was established in 2019. Soon after it was launched, Standard Chartered invested in the company, making it more visible to investors and traders in the industry. While the exchange is headquartered in Bermuda, it’s not regulated by the Bermuda Monetary Authority but has maintained full compliance with the FX Global Code.
A Rebound From A Cyclical Dip
24 Exchange offers several services, including FX trading and NDFs, which are generally traded over-the-counter between two parties as cash-settled forwards instruments.
The parties involved settle the difference between the spot price and the underlying contracted NDF price on a determined notional amount.
It has not been smooth sailing for 24 Exchange after suffering a cyclical drop in volumes due to the summer lull. However, the platform has managed to maintain its monthly ADV volumes which have not reflected on the recent market inactivity.
24 Exchange Sets Expansion Goals
24 Exchange is planning to expand its services and markets by offering more products.
In line with this goal, the company added more experienced hands to its team by onboarding several top executives for other financial services firms. It also recently included FX swaps to its offerings, adding an interbank FX Swaps order book.
Its expansion plans also included the recent acquisition of 11B Technologies, a US-based technology and service provider.
The company has also expanded its offerings to include cryptocurrencies. In July it received regulatory approval from the Bermuda Monetary Authority (BMA). 24 Exchanges is looking to launch a crypto trading service for institutional and retail clients.