Cboe FX Reports NDF Volumes
Posted by Colin Lambert. Last updated: October 7, 2021
Cboe FX has released details of NDF volumes on its SEF going back to the start of 2020, highlighting a still relatively lightly traded, but growing, product.
In September 2021, Cboe FX SEF handled $571 million per day in NDF volume, itself a 38.3% increase on August and the highest ADV to data, but also up more than five times on September 2020. The month also marked the first two days in which the platform breached the one billion dollar mark in turnover, a total it has already matched on two days in October, including a new record high of $1.235 billion on October 6.
Over the first three-quarters of 2021 NDF volumes have grown significantly in percentage terms, rising by more than two-and-a-half times from Q1 to Q3. In the latter quarter it handled $451 million per day average, this compares to just $92.3 million per day in 2020.
Cboe is joining a growing number of platform breaking out NDF volumes. Last year 24 Exchange launched with NDFs and has been reporting volumes, and last week Deutsche Borse’s 360T also released its NDF volumes for 2021. What is widely recognised as the largest multi-participant NDF platform, EBS, does not report NDF turnover data.