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.

With phases 1-5 of UMR now in effect, the market focus now shifts to Phase 6, scheduled for September 2022. In the FX space, besides FX options, NDFs are the key product as they contribute to the overall AANA calculation. By centrally clearing these in-scope trades at Eurex Clearing, firms remove transactions from their AANA calculation, potentially removing them from the scope of UMR altogether.

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Key Benefits

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

UMR impacts many market participants such as asset managers, hedge funds, corporates and pension funds: With phases 1-6 of UMR now in effect, firms with an Average Aggregate Notional Amount (AANA) greater than EUR 8 billion are required to post initial margin bilaterally with their counterparts.

NDF trading and clearing flow


NDF clearing at a glance

NDF clearing is available for both inter-dealer and client trades for six currency pairs with cash settlement in USD*. 

NDF clearing via 360T

Together, Eurex and 360T offer a unique solution to FX NDF clearing for buy-side participants, providing a dedicated “to-clear” price for cleared NDFs, along with pre-trade clearing certainty and straight through processing of trades direct from 360T to Eurex Clearing. Read more about the benefits of this feature:  NDF Clearing at Eurex via 360T .
 

Contact

FX Sales and Business Development

Frankfurt
T +49-69-211-1 26 19

London
T +44-20-78 62-72 64

fx@eurex.com

*Note: due to regulatory restrictions, Eurex Clearing AG is currently not able to offer NDF clearing services in the United Kingdom and the U.S. until further notice.