NDFs: how algos can make sense of the fragments

The scattering of liquidity in non-deliverable forwards calls for new execution tools, argue HSBC execs

FX-fragmentation
FX Markets montage

The market for non-deliverable forwards is becoming more complex and fragmented, much like spot FX. Trading activity in NDFs is now split across multiple venues, leading participants to seek new ways to optimise execution.

Less than a year ago, a single exchange provided firm prices both on and off swap execution facilities. The liquidity was easy to navigate, with credit being the sole differentiator between dealers. Today, there are multiple pools of liquidity offering a combination of both

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

FX automation: mission incomplete?

This FX Markets webinar delves into the evolution of FX trading desks, the challenges to automating trade workflows, and what vendors and liquidity providers are doing to address this

Most read articles loading...

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: