Risk USA: Footnote 88 prompts BlackRock to abandon NDF platforms
Asset manager returns to phone trading after electronic execution in foreign exchange contracts is forced onto Sefs
BlackRock stopped using electronic platforms to trade non-deliverable forwards (NDFs) – going back to the phone instead – after a controversial footnote in Commodity Futures Trading Commission (CFTC) rules required NDFs and many other products to be traded on swap execution facilities (Sefs).
Footnote 88 caused panic when it came to the market's attention, with platforms that had thought they were exempt claiming they did not have time to register and onboard their clients to the new regime by
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