Cleared NDF volumes still 'tiny', but Sef share grows

Swap execution facilities gain traction

Cristo Redentor statue overlooking Rio de Janeiro

Global cleared non-deliverable forwards (NDFs) still make up less than 1% of traded volumes in the US and only a "tiny" proportion of the contracts are cleared in the case of the Brazilian real – the dominant currency against dollars in the NDF world – according to data from financial technology company Clarus Financial.

NDF contract clearing has been delayed indefinitely in Europe and a similar move is expected from US regulators, despite expectations set in 2012 that foreign exchange NDF and

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