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The Non Deliverable Forward (NDF) markets have seen considerable growth in recent years particularly in the emerging Asian economies. Imposed FX restrictions have led private companies, investors and non domestic players to seek an alternative for their hedging and speculative needs.

No exchange takes place of the two currencies principal sums. The only cash flow is the movement in the difference between the traded NDF rate and the fixing rate at expiry. The P&L is transferred on settlement in the convertible currency; generally in US dollars (multiple fixing mechanisms are available). Once a trade has been established the position can be closed or rolled at anytime or left to expire and be cash settled against the fix rate.

Trading NDFs with Britannia:

  • Our dedicated NDF FX desk offers dealing services in a wide range of Asian and Latin American markets in particular Indian Rupee (INR), Brazilian Real (BRL), Korean Won (KRW) and the Chinese Renminbi (CNY).
  • Britannia can both deal and clear NDF trades as well as deal and give in to your preferred prime broker.
  • Dealing is offered on all tradable broken dates ranging from spot next to three months forward on both outrights and swap dates.
  • Our network of established relationships with bank counterparties enables us to offer competitive dealing spreads with deep liquidity. Britannia do not proprietary trade and all customer trades are executed on a matched principal basis.
  • Extensive range of NDF crosses are also available such as EUR/KRW, GBP/CNY, EUR/INR and GBP/INR.
  • Dealing in non deliverable options (NDOs) are also available on select pairs. Clients can trade NDOs ranging from single leg options to multi leg strategies.
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