FX and Currency Derivatives Documentation

This area of EMTA’s website lists the various forms of standardized documents developed by the EMTA membership in the area of FX and Currency Derivatives. Beginning in 2001, with the publication of its first set of template terms for non-deliverable forward FX transactions for the Argentine Peso, the Brazilian Real, the Indian Rupiah, the Korean Won, the Philippine Peso and the Taiwan Dollar, EMTA has continued to develop more such documentation with the goal of reducing settlement backlog, enhancing market transparency and promoting efficiency. You may read more about this effort overall in Activities & Services/Working and Interest Groups.

Members may access the full text of the documents below with their EMTA log-on id and password information. Non-members interested in accessing the full text of specific documents should CONTACT US. An access fee may apply. Certain documentation may be reserved for Member Use only.

This area contains several subsections by type or category of document. Simply scroll down the page to the section you seek.

DRAFT DOCUMENTATION BULLETIN BOARD
MASTER CONFIRMATION AGREEMENTS AND PRACTICE NOTES
STANDARD DEFINITIONS
USER'S GUIDES AND GUIDANCE NOTES
MULTILATERAL AMENDMENTS AND DOCUMENTATION PROTOCOLS
OTHER DOCUMENTATION
SUPERSEDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FX FORWARD AND CURRENCY OPTION TRANSACTIONS
CURRENT RECOMMENDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FX FORWARD TRANSACTIONS
CURRENT RECOMMENDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE CURRENCY OPTION TRANSACTIONS
CURRENT RECOMMENDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE CROSS CURRENCY TRANSACTIONS

DRAFT DOCUMENTATION BULLETIN BOARD

From time to time, EMTA will post draft documentation in this area for review and comment by its Members. Members may direct email comments on these drafts to Leslie Payton Jacobs of EMTA at lpjacobs@emta.org.

FINAL DRAFTS dated 12/09/24 of NDF and NDO Frontier Markets Template Terms (8 currencies). The anticipated publication date for the new Templates is December 16, 2024 and the anticipated Effective Date will be January 2, 2025

MASTER CONFIRMATION AGREEMENTS AND PRACTICE NOTES

Practice Notes to the Master Confirmation Agreement for Non-Deliverable Currency Option Transactions

Master Confirmation Agreement for Non-Deliverable Currency Option Transactions (European Style) Dated July 1, 2008

Practice Notes to the Multilateral Master Confirmation Agreement for Non-Deliverable FX Transactions

Master Confirmation Agreement for Non-Deliverable Forward Foreign Exchange Transactions Dated October 31, 2007 (For Service Providers)

Master Confirmation Agreement for Non-Deliverable Forward Foreign Exchange Transactions Dated December 13, 2006 (For Market Counterparties)

Practice Notes to the Master Confirmation Agreement for Non-Deliverable Forward Foreign Exchange Transactions Dated December 13, 2006

Guide to Economic Terms in SWIFTMT300 Format for NDF Transactions Dated June 29, 2007

STANDARD DEFINITIONS

September 2022 Averaging Supplement to the 1998 FX and Currency Option Definitions.

September 2022 Averaging Supplement Exhibits.

May 2022 Barrier Event Supplement to the 1998 FX and Currency Option Definitions

Exhibits to the Barrier Option Supplement.

Annex A Chronological List of Amendments

Annex A Amended as of December 3, 2024

Annex A Mapping Guide

Supplement to the 1998 FX and Currency Option Definitions (the "Non-Deliverable Cross Currency FX Transactions Supplement") Dated May 31, 2011

1998 FX and Currency Option Definitions

USER'S GUIDES AND GUIDANCE NOTES

Guidance Note on the EMTA RUB Template Terms and the Publication of RUB MOEX (RUB05) dated September 16, 2024.

EMTA ISDA Notice on Enactment of New Brazilian Holiday dated December 22, 2023.

EMTA Guidance Note on Calculation Agent Determinations dated March 9, 2022.

EMTA Guidance Note on UAH/USD Non-Deliverable FX and Currency Option Transactions Under the EMTA Template Terms dated March 1, 2022.

EMTA Guidance Note on KZT/USD Non-Deliverable FX and Currency Option Transactions Under the EMTA Template Terms Dated January 10, 2022.

EMTA Guidance Note on CLP/USD Non-Deliverable FX and Currency Option Transactions under the EMTA Template Terms Dated June 17, 2021.

EMTA Guidance Note on PHP/USD Non-Deliverable FX and Currency Option Transactions under the EMTA and SFEMC Template Terms Dated March 17, 2020.

EMTA Guidance Note on Business Day Adjustments for CNY/USD Non-Deliverable FX Transactions Under the EMTA Template Terms Dated January 29, 2020.

EMTA Guidance Note on Spot Rate Determination following Valuation Postponement for Price Source Disruption Under the EMTA Template Terms Dated October 16, 2019.

EMTA Guidance Note on Japanese Yen-Settled NDF and NDO Cross Currency Transactions During Japanese Golden Week 2019 Dated April 16, 2019.

User’s Guide to Documenting Non-Deliverable Cross Currency FX and Currency Option Transactions Updated January 22, 2018.

EMTA Guidance Note on Expiration Times for Non-Deliverable Currency Options Updated as of May 24, 2017.

Guide to ISDA and EMTA FX Documentation and Currency Provisions Dated May 27, 2015.

A History of EMTA’s FX and Currency Derivatives Initiatives 1996-2013 Dated December 3, 2013

EMTA Guidance Note on Expiration Times for Malaysian Ringgit and Indonesian Rupiah Non-Deliverable Currency Options Transactions Dated November 3, 2011

EMTA Guidance Note on Settlement Rate Option Formulas Dated May 31, 2011

EGP Update Dated February 4, 2011

User's Guide to EGP NDF and NDO Documentation Dated May 24, 2010

Second Addendum to 2004 Asian Currency Non-Deliverable FX Documentation Effective July 14, 2008

User’s Guide to Documenting Non-Deliverable Currency Option Transactions Updated June 26, 2008

EMTA Guidance Note on Understanding Business Day Conventions in the EMTA Template Terms for Non-Deliverable Forward FX and Currency Option Transactions Dated April 2, 2008

User’s Guide to 2004 Asian Currency Non-Deliverable FX Documentation Updated October 25, 2006

User’s Guide to CLP, COP and PEN NDF Documentation Effective as of August 1, 2006

MYR Addendum to 2004 Asian Currency Non-Deliverable FX Documentation Updated May 17, 2006

Addendum to User's Guide to the 2004 Asian Currency Non-Deliverable FX Documentation for MYR/USD Dated July 15, 2005

User's Guide to Russian Ruble NDF Documentation Effective as of June 16, 2005

User's Guide to 2004 Asian Currency Non-Deliverable FX Documentation Dated December 1, 2004

User's Guide to Revised BRL NDF Documentation Dated March 1, 2004

User's Guide to Revised ARS NDF Documentation Dated February 7, 2003

User's Guide to The NDF Market Practices Dated September 21, 2000

MULTILATERAL AMENDMENTS AND DOCUMENTATION PROTOCOLS

2024 Ruble Bilateral Amendment Agreement for Certain Ruble FX, Currency Option and Swap Transactions

Form of Bilateral Amendment Agreement for [Name of Currency] Non-Deliverable FX Forward and Currency Option Transactions

Form of 2020 Bilateral Amendment Agreement for Kazakhstani Tenge Non-Deliverable FX Forward and Currency Option Transactions

Implementation Protocol for 2019 ARS Amendment Agreement
2019 Multilateral Amendment Agreement for Certain ARS Non-Deliverable Transactions
2019 Form of Bilateral Amendment Agreement for Certain ARS Non-Deliverable Transactions
Signature Page (Only) to Multilateral Amendment Agreement
List of Signatories to the 2019 Multilateral Amendment Agreement The list of signatories to the 2019 ARS Amendment Agreement is now final.
WORD VERSION – Bilateral Amendment Agreement

Form of Bilateral Amendment Agreement for Certain KZT Non-Deliverable Transactions

Implementation Protocol for 2018 BRL Amendment Agreement
Signature Page for Multilateral Amendment Agreement
WORD Version of Bilateral Amendment Agreement
List of Signatories The list of signatories to the 2018 BRL Amendment Agreement is now final.

Guidance and Implementing Documentation for Revisions to EMTA Disruption Fallbacks

Implementation Protocol for Changes to Nigerian Naira Market Practices
2017 Multilateral Amendment Agreement for Certain NGN / NiFEX Non-Deliverable Transactions
2017 Form of Bilateral Amendment Agreement for Certain NGN / NiFEX Non-Deliverable Transactions
Signature Page (Only) to Multilateral Amendment Agreement
L ist of Signatories to the 2017 Multilateral Amendment Agreement
WORD VERSION – Bilateral Amendment Agreement

Implementation Protocol for Changes in EMTA Ruble Market Practices dated June 13, 2016
Signature Page to 2016 Multilateral Amendment Agreement (for EMTA Members)
2016 Bilateral Amendment Agreement (for use between EMTA Members and Non-EMTA Members)
List of Signatories to the 2016 Multilateral Amendment Agreement

Form of Bilateral Amendment Agreement for Certain Financial Transactions Referencing European Central Bank Foreign Exchange Reference Rates

African Currency Implementation Protocol Dated July 16, 2014
FINAL DRAFT Dated July 16, 2014 of Form of African Currency Bilateral Amendment Agreement
Word format / PDF format

Updated Timetable for 2014 ARS Implementing Protocol
Form of 2014 ARS Multilateral Amendment Agreement
Form of 2014 ARS Bilateral Amendment Agreement
List of Institutions Signing the 2014 ARS Multilateral Amendment Agreement

The IDR Multilateral Amendment Agreement and Instructions Thereto
IDR-MAA List of Adherents

OTHER DOCUMENTATION

ISDA/EMTA RUB FX Deliverable Currency Amendment Agreement Updated August 12, 2022 (CLICK HERE for Publication Word version).

SUPERSEDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FX FORWARD AND CURRENCY OPTION TRANSACTIONS

Below are the EMTA Template Terms for Non-Deliverable FX Forward and Currency Option Transactions for various currency pairs that have been superseded by newly recommended terms (see the Current Recommended Templates area). The below do not reflect current market practice for the documentation of non-deliverable FX forward and currency option transactions but are maintained on EMTA's website for historical purposes.

They are listed by date of issuance.

EMTA Template Terms for UZS/USD Non-Deliverable FX Forward Transactions Effective February 13, 2023

EMTA Template Terms for UZS/USD Non -Deliverable Currency Option Transactions Effective February 13, 2023

EMTA Template Terms for RUB/USD Non-Deliverable FX Forward Transactions Effective June 6, 2022

EMTA Template Terms for RUB/USD Non-Deliverable Currency Option Transactions Effective June 6, 2022

EMTA Template Terms for RUB/EUR Non-Deliverable Cross Currency Currency Option Transactions Effective June 6, 2022

EMTA Template Terms for KZT/USD Non-Deliverable FX Forward Transactions Effective September 10, 2018

EMTA Template Terms for KZT/USD Non-Deliverable Currency Option Transactions Effective September 10, 2018

EMTA Template Terms for BRL/USD Non-Deliverable FX Forward Transactions Effective January 22, 2018

EMTA Template Terms for BRL/USD Non-Deliverable Currency Option Transactions Effective January 22, 2018

EMTA Template Terms for BRL/EUR Non-Deliverable Cross Currency FX Transactions Effective January 22, 2018

EMTA Template Terms for ARS/USD Non-Deliverable FX Forward Transactions Dated January 1, 2018

EMTA Template Terms for ARS/USD Non-Deliverable Currency Option Transactions Effective January 1, 2018