Inter-dealer broker Icap says that activity is picking up in its non-deliverable forwards business on its EBS platform. “We have seen a steady increase in global counterparty participation, particularly over the last few months. Over 135 banks, evenly dispersed among our three major trading centres in Asia-Pacific, London and New York, are now live to trade NDFs on the platform,” says Chris Soriano, NDFs product manager at Icap electronic broking.
He adds: “Cross-regional electronic NDF trading has continued to grow. Activity in the South Korean won continues to dominate, although in June we also saw increased trading in the Indian rupee, Malaysian ringgit and Taiwan dollar. Most of our NDF customers are becoming comfortable with executing trades on EBS, as evident in the expanding variety of tenors traded in the past few months.”