Osttra Sees Record NDF Volumes on TradeServ

A combination of heightened market volatility and the ongoing rollout of global margin regulations have contributed to record activity across the Osttra TradeServ FX network, according to the firm.

Facilitating the submission of 947,960 NDF tickets for clearing in January 2026, Osttra says it has set a new high-water mark — surpassing the previous peak of 824,000 in April 2025.

While January’s record coincided with macro uncertainty, Osttra says the milestone also reflects a broader expansion of its TradeServ FX participant base, and is supported by the continued implementation of Uncleared Margin Rules (UMR) in emerging markets. It highlights the adoption of UMR by India and several Latin American jurisdictions as driving “a steady onboarding” of regional dealers seeking to optimise capital and collateral efficiency through cleared NDF workflows.

Average TradeServ FX NDF ticket volumes increased 20% year-on-year (2024 to 2025) and comprised of 64 “active” participants connected to major CCPs. Overall, the network processed 8,777,760 tickets in 2025.

“Volatile markets tend to expose the necessity of robust post-trade infrastructure,” says Patrick Philpott of Osttra. “However, the underlying story is the transition to a unified operating model. Whether it’s global market volatility, the broadening impact of margin compliance in India and Mexico, or the upcoming September 2026 compliance deadline for Brazil’s notional thresholds, market participants are increasingly looking to our clearing connectivity to manage compliance and reduce the complexity of point-to-point connections.”