-
Electric Dreams: Automating OTC-style Trading of Cleared FX Forwards, NDFs, and Options
Central clearing of FX products remains non-mandated, and as such, any clearing activity is “voluntary” to achieve an efficiency otherwise unavailable via bilateral or intermediated OTC activity. 2022 saw a high-water mark in adoption and usage of cleared CME FX products, with over 90,000 unique traders involved and over $40 trillion in gross notional cleared. This large, hugely diverse, and growing ecosystem of traders spans across both geographies and client segments – including major swap dealers, regional banks, hedge funds, and asset managers. The chart below shows the growth in average open interest of FX ... (full story)