Icap: Sefs could lead to ‘sub-optimal hedging’

Good apples and a rotten apple

Mandating non-deliverable forwards (NDFs) to be traded on swap execution facilities (Sefs) will result in a less liquid NDF market and make it harder for end-users to hedge, says Dean Berry, chief executive of global e-commerce at interdealer broker Icap.

Under the Dodd-Frank Act, derivatives such as interest rate swaps and NDFs will be required to trade on an electronic platform, or a Sef, and cleared at a clearing house. NDFs are prevalent across Asia – home to several non-convertible

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