Bermudian-based trading platform 24X Bermuda Ltd, known as 24 Exchange, has launched a new offering in its suite of foreign exchange products: FX Non-Deliverable Swaps. The product is now live and available for trading across major non-deliverable currency pairs, aimed at institutional users.

The launch complements its existing offerings such as FX Non-Deliverable Forwards, deliverable FX swaps and spot trading.

“This launch reflects our continued focus on broadening access to innovative FX products through cost-efficient, technology-driven solutions that enable users to efficiently maximise liquidity,” said Dmitri Galinov, the founder and chief executive of 24 Exchange.

The FX NDS product is powered by streaming functionality similar to the company’s existing NDF workflows. It features Standard Chartered Bank as the single counterparty and can be accessed via 24 Exchange’s graphical user interface.

The announcement follows a record-breaking week for the company, which reported a single-day trading volume of $8.2 billion in total NDF transactions.

Since its 2019 launch, 24 Exchange has focused on offering a multi-asset trading interface that prioritises low-cost access and high liquidity. The firm is also in the process of developing 24X National Exchange, the first Securities and Exchange Commission-approved stock exchange to offer trading in US equities for 23 hours each weekday. The new exchange is expected to go live in the second half of 2025.