20 March 2026 – A combination of heightened market volatility and the ongoing rollout of global margin regulations is reflected in record activity across the OSTTRA TradeServ FX network. OSTTRA reports its highest monthly volume to date, having facilitated the submission of 947,960 NDF tickets for clearing in January 2026 — surpassing the previous peak of 824,000 in April 2025.
While January’s record coincided with macro uncertainty, the milestone also reflects a broader expansion of the TradeServ FX participant base. This growth is supported by the continued implementation of Uncleared Margin Rules (UMR) in Emerging Markets. As India and several LATAM jurisdictions continue to adopt these standards, OSTTRA is seeing a steady onboarding of regional dealers seeking to optimise capital and collateral efficiency through cleared NDF workflows.
Global Network Growth
The milestone is part of a sustained growth trend for the network, with average OSTTRA TradeServ FX NDF ticket volumes increasing 20% year-on-year (2024 to 2025). By connecting 64 active participants to major CCPs, TradeServ FX enables market participants to manage counterparty risk while reducing the operational friction associated with fragmented post-trade processes.
“Volatile markets tend to expose the necessity of robust post-trade infrastructure,” said Patrick Philpott, Product Owner FX at OSTTRA. “However, the underlying story is the transition to a simplified operating model. Whether it’s global market volatility, the broadening impact of margin compliance in India and Mexico, or the upcoming September 2026 compliance deadline for Brazil’s notional thresholds, market participants are increasingly looking to our clearing connectivity to manage their compliance and reduce the complexity of point-to-point connections.”
NDF Volume Statistics
8,777,760
947,960
By providing a centralised connectivity hub, TradeServ FX strengthens post-trade standardisation for the global NDF community.