ISDA Data Show Non-Deliverable Forwards Now Majority of US FX Derivatives
ISDA has added US foreign exchange derivatives to its SwapsInfo data platform, publishing a review of trading activity from Q1 2024 to Q2 2026. The figures show non-deliverable forwards overtaking other FX products to become the largest single segment, a shift compliance and trading desks tracking market structure will want to register.
- ISDA expanded SwapsInfo to include US FX derivatives data, its third OTC asset class after rates and credit.
- Total FX derivatives traded notional rose 27.1%, from $15.3 trillion in Q1 2024 to $19.4 trillion in Q2 2026.
- Non-deliverable forward notional grew 37.1% to $10.2 trillion over the same period.
- NDFs' share of FX derivatives notional rose to 52.7% in Q2 2026 from 48.9% in Q1 2024.
- The review additionally covers product mix, trade size, currency pairs and execution venue.