Icap's NDFs trading down but not out
"Market volatility is helping our core G-7 business but volumes on NDFs have been very thin the past three weeks. The market downturn means it's a bad time for any new products," said David Rutter, deputy chief executive at Icap electronic broking. "But we expect to see NDFs on EBS hit a critical mass in terms of percentage of global NDF turnover - at around 19% - a year from now."
Rutter said a "few dozen" NDF trades go through a day over EBS, accounting for less than 1% of global NDF volume
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