Forward momentum: the new world of NDF trading

- By Ben St Clair
- 09 Oct 2020

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When the foreign exchange desk at BNP Paribas received a $100 million order for a US dollar/Korean won non-deliverable forward (NDF) trade recently, it turned to what would have once been inconceivable for that over-the-counter market: an algorithm that completed 80% of the trade by looking at the bank’s offsetting flows.

It shows the progress that has been made in the NDF market in recent years. Average daily volumes nearly doubled between 2016 and 2019, according to the Bank for International

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