24 Exchange, a multi-asset class trading platform, has posted record daily foreign exchange non-deliverable forward trade volume of nearly $1.5 billion, the organisation reported.

The $1.476 billion volume on October 21 meant that trading during the week of October 17-21 posted a record daily average of $1.175 billion, also a record.

FX NDFs are two-party currency derivatives contracts to exchange cash flows between the NDF and prevailing spot rates.

These record-breaking FX NDFs trade volumes are a further indication of the 24 Exchange platform's growth and the market's embrace of the company's product offerings, the company said.

The company also offers Crypto Spot trading, Crypto NDFs, FX Swaps, and FX Spot – each provides institutional market clients with a robust and reliable platform for trading at the lowest cost, 24 Exchange said.

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.

“At 24 Exchange, our highest priority is understanding and meeting the needs of our institutional clients who are seeking access to optimal liquidity through our expanding range of trading workflows.

“We continue to tailor our set of offerings to create a one-of-a-kind trading experience with unparalleled market access and lower costs."

During three of the last six weeks, average weekly FX NDF trading volume on the 24 Exchange platform surpassed $1 billion, the company said.

It added that it expects to see continued growth not only in its FX NDF trading volumes, but in other assets as well, as it fosters relationships with a growing network of FX, crypto currency, and NDF stakeholders and platforms.

24 Exchange is operated by 24 Exchange Bermuda Limited and 24 Exchange Broker Limited which are regulated by the Bermuda Monetary Authority for the purposes of conducting digital asset business pursuant to the Digital Asset Business Act.