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SwapEx Contract Specifications

The Non-Deliverable Forward contract specificationsContract Specifications are as follows:

Custom Date Non-Deliverable Forwards

Contract Structure Notional amounts down to single currency units traded 

against deliverable counter currencies.

Forward Outrights. Standard for a custom or Custom 

Fixing Datesstandard maturity using a default 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 USD

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.

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 later than Effective Date.

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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 the 

market convention to determine which is with regards 

to quoting, but allows users the flexibility with regards 

to whether the quantity traded is expressed in base 

currency and which is the term currency in or terms of 

quoting convention. notional. NDFs can be quoted up 

to 6 decimal places.

In addition to the above, all of the template terms for the confirmation of an NDF transaction in 

the currency pair that is the subject 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.