09 May 2022

Eurex Clearing

EurexOTC Currency Clearing: Non-Deliverable Forwards (NDF) - Launch in Production

Eurex Clearing Circular 033/22 EurexOTC Currency Clearing: Non-Deliverable Forwards (NDF) - Launch in Production

1.  Introduction   

Eurex Clearing AG is pleased to announce the launch of the Clearing Service for Non-Deliverable Forwards (NDF) on 16 May 2022, following the regulatory approval for the offering of the NDF Clearing Service by the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin).  

Simulation: available since 1 November 2021 
Production start: available from 16 May 2022

2.  Required action

In order to clear OTC NDF Transactions, Clearing Members are required to obtain a separate Clearing License for OTC Currency Products (OTC Currency Products Clearing License).  

For further information on becoming a Clearing Member for OTC Currency Products, please contact: or

3.  Details of the initiative

The NDF Clearing Service is introduced as response to increased market demand to include further OTC products, such as NDFs, into the standardized Clearing process to so that the Clearing members admitted to the NDF Clearing Service will benefit from the following advantages: 

  • Operational efficiencies and access to “to-clear” NDF pricing through direct integration with 360 Treasury Systems AG (360T), providing full execution to clearing workflow 
  • Clearing certainty within an EU regulatory framework 
  • Margin efficiencies through Eurex Clearing’s lower margin period of risk (5 days) versus bilateral models (10 days)  
  • Reduction in Average Aggregate Notional Amount for firms impacted by Uncleared Margin Rules (UMR) 
  • Simple onboarding and integration process leveraging existing connectivity, reporting and collateral accounts across all services of Eurex Clearing. 

As of now, Eurex Clearing is offering the Clearing of following NDF currency pairs:  

  • USD/Brazilian Real (BRL)
  • USD/Chilean Peso (CLP)
  • USD/Indian Rupee (INR)
  • USD/Indonesian Rupiah (IDR)
  • USD/Korean Won (KRW)
  • USD/Taiwan Dollar (TWD)

OTC NDF Transactions will be cash-settled in USD using the payment infrastructure of Eurex Clearing. 

OTC NDF Transactions can be submitted to Eurex Clearing for clearing on Eurex Clearing business days from 08:00 until 22:00 Frankfurt time via one of the following Approved Trade Sources (ATS):  

  • 360T (360 Treasury Systems AG) 
  • Traiana (Traiana Ltd.)
  • TradeServ (MarkitSERV LLC)

A key characteristic with respect to NDFs is the handling of disruption events. The applicable Clearing Conditions foresee provisions with respect to the following disruption events:   

  • Price Source Disruption
  • Unscheduled Holiday/Cumulative Events
  • Permanent Settlement Rate Option Discontinuation
  • Currency Replacement
  • Rate Correction

With respect to the fallback options applicable to each of the aforementioned disruption events, Eurex Clearing follows the market standards defined by Emerging Markets Traders Association INC. (EMTA) in the relevant EMTA Currency Templates or by International Swaps and Derivatives Association (ISDA) as defined in the 1998 ISDA Definitions (if applicable). 

To promote the launch of the service, Eurex Clearing will waive all booking fees for the clearing of OTC NDF transactions until 30 September 2022. 

NDF Clearing Service will be offered in Europe, including Switzerland and currently excluding the United Kingdom. Additionally, client clearing will be offered for the following jurisdictions: China (PRC), Singapore and South Korea. 

Due to the regulatory restrictions caused by the Temporary Recognition Regime of the United Kingdom, Eurex is currently not able to offer NDF Clearing services in the United Kingdom until further notice.

More information about the NDF Clearing Service is available under the following link: Clear > Eurex NDF Clearing

Clearing Members may contact their Clearing Key Account Manager or send an e-mail to: to address questions or to obtain further information about the NDF Clearing Service.

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable. 

Further information


All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination

Related Newsflash:

Eurex Clearing Readiness Newsflash as of 20 September 2021



Clear > Eurex NDF Clearing

Authorized by:

Jens Janka