How to tap liquidity in non-deliverable forwards (NDFs) has been exercising the minds of FX houses this year. In February, Goldman Sachs introduced a smart algo for accessing internal and external liquidity NDFs. Four months later, BNP Paribas went live with its first NDF algo currency pairs (USD/INR and USD/KRW).
According to Ralf Donner, head of client FX algos at Goldman Sachs, there has been a consistent demand from clients – particularly in Asia – to trade NDFs in the same way as deliverable currencies.
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