Regulators must harmonise NDF clearing rules

Regulators in the US and Europe must do more to harmonise the rules on clearing non-deliverable forwards (NDFs) across jurisdictions to avoid a bifurcation of liquidity, as seen in interest rate and credit markets, according to panellists at the FX Invest North America conference in Chicago.

Ronald Filler, a professor of law at New York Law School, who moderated the panel on regulation, said the Commodity Futures Trading Commission (CFTC) should have recognised comparable regulatory