The Trading Floor with David Axtell

Inside the NDF Market: Liquidity, Dealers, and Execution

Not all NDF liquidity is equal. David Axtell breaks down the three-tier market structure, how dealers skew quotes to manage inventory, when electronic beats voice, and why information leakage can cost more than the spread. Part V. Ep 18. NDF liquidity, NDF execution, NDF market microstructure, NDF dealer, electronic FX trading, voice FX execution, multi-dealer platform, Bloomberg FXGo, Refinitiv FXall, 360T, dealer quote skew, NDF bid offer spread, best execution FX, transaction cost analysis TCA, FX algorithmic execution, TWAP FX, VWAP FX, NDF clearing, LCH ForexClear, central counterparty clearing, NDF bilateral execution, information leakage FX, dealer scorecard, emerging market FX execution RELATED RESOURCES: * Book: FX Cash Products — available now through all major bookstores and rondanini.com * Education platform: learn.rondanini.com — 145+ professional mini manuals plus Python toolkits * Consultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell) * Podcast website: thetradingfloor.rondanini.com

NDFs: Hedging the Currencies Nobody Delivers

Capital controls block physical currency delivery. David Axtell explains how non-deliverable forwards solve that problem — settlement mechanics, fixing sources, NDF basis, and why $250B+ trades daily in markets you cannot physically touch. Part V. Ep 17. non-deliverable forward, NDF, NDF settlement, NDF fixing, CFETS fixing, RBI reference rate, Bank of Korea rate, USD CNY NDF, USD INR NDF, NDF basis, capital controls, restricted currencies, cash settlement FX, emerging market hedging, CNY hedge, INR hedge, KRW hedge, BRL NDF, renminbi forward, SAFE regulations, offshore onshore basis, NDF mechanics, corporate FX hedge, treasury hedging emerging markets RELATED RESOURCES: * Book: FX Cash Products — available now through all major bookstores and rondanini.com * Education platform: learn.rondanini.com — 145+ professional mini manuals plus Python toolkits * Consultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell) * Podcast website: thetradingfloor.rondanini.com

Liquidity Management: A Treasurer's Toolkit

Every payment, every currency, every day. David Axtell covers the treasurer's daily toolkit: FX swaps, repo, money markets, LCR, NSFR, intraday management, and stress testing. The practical reality of keeping operations funded. Part IV finale. Ep 16. liquidity management, LCR, NSFR, Basel III liquidity, high quality liquid assets, HQLA, intraday liquidity, daily cash position, multi-currency management, CLS settlement, TARGET2, CHIPS, Fedwire, collateral transformation, repo, money market funds, treasury bills, commercial paper, contingency funding plan, stress testing, cash pooling, payment system cut-off, daylight overdraft, treasury toolkit, corporate treasury liquidity RELATED RESOURCES: * Book: FX Cash Products — available now through all major bookstores and rondanini.com * Education platform: learn.rondanini.com — 122+ professional mini manuals plus Python toolkits * Consultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell) * Podcast website: thetradingfloor.rondanini.com

Central Bank Operations: How the Fed Became the World's Dollar Lender

Dollar swap lines. Reserve management. Intervention mechanics. David Axtell explains how central banks operate in FX markets, why verbal jawboning moves rates 1–2%, and how the Fed deployed $450B+ in swap lines during March 2020. Part IV. Ep 15. RELATED RESOURCES: * Book: FX Cash Products — available now through all major bookstores and rondanini.com [ rondanini.com/cashfx] * Education platform: learn.rondanini.com [learn.rondanini.com] — 145+ professional mini manuals plus Python toolkits * Consultancy: rondanini.net [rondanini.net] (Luigi Rondanini) · axtellconsulting.net [axtellconsulting.net ](David Axtell) * Podcast website: thetradingfloor.rondanini.com [thetradingfloor.rondanini.com]

Funding in Foreign Currency: Why Banks Live on Swaps

$13 trillion of non-US bank assets funded via FX swaps. David Axtell explains synthetic dollar borrowing, why the cross-currency basis never disappears, Japanese megabank strategy, and the quarter-end effects every treasurer must plan around. Part IV. Ep 14. RELATED RESOURCES: * Book: FX Cash Products — available now through all major bookstores and rondanini.com [rondanini.com/cashfx] * Education platform: learn.rondanini.com [ learn.rondanini.com] — 145+ professional mini manuals plus Python toolkits * Consultancy: rondanini.net [rondanini.net] (Luigi Rondanini) · axtellconsulting.net [axtellconsulting.net] (David Axtell) * Podcast website: thetradingfloor.rondanini.com [thetradingfloor.rondanini.com]