HSBC extended its multi-year winning streak for this category in 2025. Electronic NDF average daily volume rose 70% year on year, following a 233% increase the year before. Volumes also grew in Asian currencies, at a point when several liquidity providers were pulling back from the NDF market, and USD/BRL electronic volumes rose 250%.
The strongest growth came in flow the market finds hardest to price profitably. Average daily volume in NDF tickets below $1 million more than doubled.
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