NDF liquidity in doubt as clearing approaches
Back in the summer of 2012, the Commodity Futures Trading Commission (CFTC) defined the term ‘swap’ under the Dodd-Frank Act, and in doing so set in motion a timeline for the foreign exchange industry to begin preparing for the mandatory clearing of FX options and non-deliverable forwards (NDFs).
Nearly two years later, a timeline for clearing NDFs has yet to be ironed out by the US regulator, which might not come as a great shock to those used to waiting for direction from the CFTC on market
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