Non-Deliverable Forwards (NDFs) - Foreign Exchange - Markets - ICAP.com

Non-Deliverable Forwards (NDFs)

Non-Deliverable Forward Foreign Exchange (NDFs) are short term foreign exchange contracts (typically up to two years) in currencies which have restricted convertibility.

The contracts are essentially contracts for difference where the difference between the contracted forward amount and the spot reference rate at maturity is net settled, usually in US dollars. ICAP services all national currency pairs and provides global servicing around the clock through our London and New York trading desks.

ICAP also offers electronic NDF trading on the EBS platform in: ARS, CLP, CNY, COP, KRW, INR, IDR, MYR, PEN, PHP, RUB and TWD.

NDF traders can also access the global FX liquidity pool via EBS Global Access, ICAP’s brand-new, web-based trading application that leverages the public internet as an alternative access point to the EBS platform.