24 Exchange Sees 13.5% MoM Drop in NDF Volume for May

​Fazzaco learned that Bermuda based offshore electronic trading venue 24 Exchange has reported its trading statistics for the month of May, indicating a dip in FX NDF average daily volume (ADV).

More specifically, the OTC platform registered a single-counted ADV of $357 million for the month, 13.5% lower than April's $413 million. The demand on the platform remained extremely bullish throughout the first quarter of 2021 and peaked in March with an ADV of $456 million. However, the second quarter started with a backfoot as the trading demand shows massive correction both in April and May.

The platform recently announced several additions to its team. It hired Michael Serpa as its new Global Head of Liquidity Management. Cristian Arellano was hired as VP of Andean Market by 24 Exchange to grow business in South America.

As Fazzaco reported earlier, 24 Exchange has launched and traded the first anonymous interbank FX Swaps order book with streaming quotes​. The trade was conducted with 24 Exchange's central counterparty partner Standard Chartered Bank PLC.​