Clear your NDFs at Eurex Clearing

Non-Deliverable Forwards

Clear your Non-Deliverable Forwards (NDFs) at Eurex Clearing, the EU-based CCP. With Eurex Clearing, you're signed up for future-proof clearing services that provide safety and efficiency to the market.

NDF Clearing has been developed in close cooperation with buy- and sell-side partners, creating a Pan-European service that meets market demands and all regulatory requirements. As a service of Eurex Clearing, NDF Clearing provides exceptional margin, capital and operational efficiencies making Eurex Clearing the go-to CCP for EU market participants.


Key Benefits

As Uncleared Margin Rules (UMR) continue to be phased in, impacting many participants in the OTC derivatives market, NDF clearing at Eurex Clearing can provide unrivaled benefits:

  • EU-based CCP
    European domiciled CCP guarantees clearing certainty within the EU regulatory framework.
                
  • Funding efficiency
    The single default fund across asset classes does not require additional minimum contributions for NDFs.
                 
  • Margin reduction
    Multilateral netting reduces margin requirements and provides operational efficiencies through one daily variation margin movement.
                 
  • Simple Onboarding & Integration
    Efficient and easy onboarding process leverages existing connectivity, reporting, and collateral accounts across all services of Eurex Clearing.


Uncleared Margin Rules

Phases 5 and 6 of Uncleared Margin Rules (UMR) are rapidly approaching. This means that in September 2021 and September 2022, firms with an Average Aggregate Notional Amount (AANA) greater than EUR 50 and 8 billion respectively are required to post initial margin bilaterally with each of their counterparts.


NDF trading and clearing flow


NDF clearing at a glance

Starting in H2 2021 (subject to regulatory approval), NDF clearing is available for both inter-dealer and client trades for six currency pairs with cash settlement in USD.


Contacts

Jens Quiram

Global Head of FX

+49 6921112619

jens.quiram@eurex.com

Archana Varshney

Head of OTC FX Sales & Business Development

+44 2078627269

archana.varshney@eurex.com

Henry Weindling

OTC FX Sales

+44 7825692266

henry.weindling@eurex.com

Tobias Rank

OTC FX Sales

+44 2078627664

tobias.rank@eurex.com