NDF trading mandates must be harmonised, industry warns

FX sub-committee debates NDF issues in Washington, DC

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A foreign exchange industry roundtable hosted by the Commodity Futures Trading Commission (CFTC) late last week has impressed on the US regulator that a trading mandate for non-deliverable forwards (NDFs) must be in line with other jurisdictions in order to avoid a liquidity split seen in other assets classes.

The Global Markets Advisory Committee meeting, chaired by CFTC commissioner Tim Wetjen and attended by the regulator's newly formed FX sub-committee as well as officials from the Bank of

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