Exhibit B 

SwapEx Contract Specifications

The Cross-Rate Non-Deliverable Forward contract specifications are as follows: 

Contract Structure Notional amounts down to single currency units traded 

against counter currencies for a custom or standard 

maturity using a standard or custom fixing date.

Trading Hours Trading hours consecutive from 5:00 p.m. EST on 

Sunday through to Friday at 5:00 p.m. EST. Each day at 

5:00 p.m. EST, SwapEx rolls the trade date.

Reference Currency (i.e., Non-deliverable 

currency)

ARS – Argentine Peso

BRL – Brazilian Real

CLP – Chilean Peso

CNY – Chinese Renminbi

COP – Colombian Peso

IDR – Indonesian Rupiah

INR – Indian Rupee

KRW – South Korean Won

MYR – Malaysian Ringgit

PEN – Peruvian Nuevo Sol

PHP – Philippine Peso

RUB – Russian Ruble

TWD – Taiwan Dollar

Settlement Currency AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

Underlying Swap Tenor The duration of time from the Effective Date to the 

Fixing Date. Subject to specific end date defined by 

user or SwapEx.

Forward Rate Currency exchange rate expressed as the amount of 

Reference Currency per unit of Settlement Currency. 

Rate negotiated at the time of execution.

Contract Size Minimum contract size is 1 unit of settlement currency 

unit.
Effective Date The date on which the parties enter into the contract.

Maturity / Valuation Date The date specified in the contract when the trade will be 

cash settled; it needs to be greater than Effective Date.

Fixing Dates The date at which the difference between the prevailing 

market exchange rate and the agreed upon exchange 

rate is calculated.

The Fixing Date is defined by the counterparties at the 

time of entering into the contract; it needs to be earlier 

than Maturity / Valuation Date.

Last Trading Day for Defined (Fixed) 

Tenors

The last day on which the contract can be traded is the 

New York business day preceding the Maturity Date

Settlement Procedure Bilateral settlement performed in settlement currency

Quoting Convention A currency pair is the quotation of the relative value of 

a currency unit against the unit of another currency in 

the foreign exchange market SwapEx follows market 

convention with regards to quoting, but allows users the 

flexibility with regards to whether the quantity traded is 

expressed in base or terms notional. NDFs can be 

quoted up to 6 decimal places.

For the Cross-Rate NDFs, the cash settlement price will be derived from a combination of (1) the 

Spot Rate identified in the relevant EMTA Template for an NDF comprised of the applicable 

Reference Currency assuming USD as Settlement Currency (the “Non-Deliverable Component 

Pair”) and (2) the WM/Reuters 4pm Closing Spot Rate for the applicable Settlement Currency 

against USD. Therfore, in addition to the above, all of the template terms for the confirmation of 

an NDF transaction in the currency pair that represents the Non-Deliverable Component Pair of 

a particular Contract, as the term Contract is defined in SwapEx’s rules, as recommended by 

EMTA, Inc. (“EMTA”) or a recognized successor (such template terms in effect on the Effective 

Date and published and available at www.emta.org or any successor website, the “Relevant 

EMTA Template”) shall apply to such Contract. For the avoidance of doubt, if the Relevant 

EMTA template becomes effective after the Effective Date of a Contract, such Relevant EMTA 

Template shall not apply to or amend the terms of such Contract.