
Operational hurdles slowing buy-side NDF clearing uptake
FX Markets USA: Artisan Partners’ O’Brien says problems must be tackled to boost clearing’s appeal

While more than a fifth of non-deliverable forwards (NDFs) are now centrally cleared, some buy-side traders are still running into operational issues that make the process less efficient than it should be.
Michael O’Brien, head of trading for emerging markets debt at Artisan Partners, has been clearing NDFs since 2019, but he said the buy side keeps encountering the same obstacles in the middleware and execution stages of the process.
O’Brien cited the example of futures commission merchants
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