24 Exchange said its daily volume in FX non-deliverable forwards, or NDFs, rose above $11 billion, setting a new record for the platform. Korean won contracts made up more than $4.8 billion of that total. Founder and CEO Dmitri Galinov disclosed the milestone, which came only two weeks after the venue’s previous high of $10.8 billion, pointing to accelerating institutional activity rather than an isolated jump.
KRW contracts remain at the center of demand
Korean won NDFs continue to drive a large share of the flow. South Korea’s capital controls limit offshore access to the currency, so global investors commonly use NDFs to hedge their exposure. That structural feature has kept KRW among the busiest contracts in the offshore FX market, drawing regular participation from hedge funds, asset managers, and macro trading desks.
FinanceFeeds previously cited Galinov as saying institutional traders are increasingly looking for a platform that combines reliability with efficiency, which he described as the core mission of 24 Exchange. He also said the company aims to help clients access liquidity whenever they need it.
Electronic venues are pulling in fragmented NDF liquidity
The record suggests liquidity in NDF trading is starting to gather on electronic venues rather than remaining spread across dealer relationships. This market has long depended on bank networks and voice execution, with pricing scattered across counterparties and execution shaped by bilateral credit availability.
Buy-side firms are now routing more flow to venues that can handle larger ticket sizes while keeping pricing consistent. The shift is tied to execution quality, but the practical issue is market access during volatile periods, when liquidity across traditional channels can become uneven.
24 Exchange is built around neutral matching and extended access
The company’s growth fits a broader move in FX trading toward neutral venues that stay available across more hours of the day. Traditional FX markets still run within fixed trading windows, and liquidity can thin out during off-hours even when macro developments continue to move prices.
24 Exchange has focused on extending trading availability while targeting products such as NDFs, where electronic adoption remains limited. In its current structure, the platform operates as a neutral matching venue, does not take principal risk, and avoids internalization. According to the report, that design is intended to improve price discovery and reduce reliance on dealer balance sheets in traditional FX execution.
The article also links this strategy to Galinov’s earlier work at FastMatch, where a credit hub model was introduced to reduce dependence on bilateral credit arrangements and broaden participation from non-bank liquidity providers.
Real-time credit tools support larger trade sizes
Credit distribution remains one of the main constraints in scaling electronic FX trading. To address that, 24 Exchange has integrated CobaltFX’s Dynamic Credit process into its platform, allowing credit usage to adjust in real time across counterparties.
The setup removes the need for static credit allocations and pre-funding requirements, which can give participants access to deeper liquidity and support larger trades. By automating credit checks and distribution, the platform reduces operational friction and helps sustain higher volumes. In NDF trading, where credit limits have historically restricted participation and trade size, that infrastructure has direct significance.