NDF clearing could be delayed until February 2016

CFTC proposals yet to materialise, sparking timeline speculation

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Mandatory clearing for non-deliverable forwards (NDFs) might not start until February 2016 in the US, after market participants asked the Commodity Futures Trading Commission's (CFTC) Subcommittee on Foreign Exchange Markets (FEM) to consider pushing back the clearing schedule to allow enough time to prepare for changes.

In March 2014, CFTC commissioner Scott O'Malia said at an industry conference that NDF-clearing proposals were imminent and could arrive within the next six weeks. Previously, t

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