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SUPERSEDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FX FORWARD AND CURRENCY OPTION TRANSACTIONS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


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 June 30, 2023

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

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

Guide to 2022 Ruble Bilateral Amendment Documentation for Deliverable and Non-Deliverable Ruble FX and Swap Transactions
    EMTA/ISDA 2022 Amendment Agreement on Incorporation of Additional Provisions for Use with a Deliverable Currency
      Disruption Events for RUB Foreign Exchange Transactions Dated March 2, 2022
    Form of 2022 Bilateral Amendment for Deliverable Ruble FX, Currency Option and Swap Transactions 
    Form of 2022 Bilateral Amendment for Non-Deliverable Ruble FX, Currency Option and Swap Transactions

Implementation Protocol for the 2021 Multilateral Amendment for BRL, CLP, COP and PEN Non-Deliverable FX Forward, Currency Option and Swap Transactions
     2021 Multilateral Amendment Agreement
     Signature Page for Multilateral Amendment Agreement
     List of Signatories - THIS LIST IS NOW FINAL
       Signatory LEIs
     2021 Form of Bilateral Amendment Agreement

Implementation Protocol for 2020 GES-KES-ZMW Amendment Agreement
      2020 Multilateral Amendment Agreement
      2020 Form of Bilateral Amendment Agreement
Signature Page (Only) to Multilateral Amendment Agreement
List of Signatories to the Multilateral Amendment Agreement FINAL LIST 
WORD VERSION – Bilateral Amendment Agreement

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
  List 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

Instructions To Signing and Form of 2013 Multilateral Amendment Agreement (Effective Date August 6, 2013)
   Signatories to the 2013 Asian Currency Multilateral Amendment Dated August 6, 2013

Instructions for Signing the EGP Multilateral Amendment Agreement
   Form of Multilateral Amendment Agreement for EGP/USD Non-Deliverable Forward FX and Currency Option Transactions
   Form of Bilateral Amendment Agreement for EGP/USDF Non-Deliverable Forward FX and Currency Option Transactions
   List of Institutions Signing the Multilateral Amendment Agreement

Implementing Protocol for New NGN Non-Deliverable FX Documentation Dated December 13, 2010

Form of Amendment Agreement for UAH/USD FX and Currency Option Transaction

Implementing Protocol for New KZT and UAH NDF/NDO Documentation Dated March 4, 2009

Form of Multilateral Amendment Agreement for KZT/USD and UAH/USD Non-Deliverable FX and Currency Option Transactions 
Institutions Signing the KZT/USD Multilateral Amendment Agreement

Form of Multilateral Amendment Agreement for PEN/USD Non-Deliverable Forward FX and Currency Option Transactions
Institutions Signing the PEN/USD Multilateral Amendment Agreement

Press Release Dated October 31, 2007 For Multilateral Master Agreement

Form of Multilateral Amendment Agreement for CLP, COP and PEN Non-Deliverable FX and Currency Option Transactions  
Institutions Signing the CLP, COP and PEN Multilateral Amendment Agreement

Form of Amendment Agreement for MYR/USD FX and Currency Option Transaction

Form of Multilateral Amendment of Russian Ruble/USD Non-Deliverable Foreign Exchange Confirmations  
Institutions Signing the Multilateral Amendment for RUB/USD Non-Deliverable FX Transactions

Form of Multilateral Amendment Agreement for Asian Currency FX and Currency Option Transactions  
Institutions Signing the Multilateral Amendment for Asian Currency FX and Currency Option Transactions

Form of Multilateral Amendment Agreement of Brazil Real Non-Deliverable Foreign Exchange Confirmations  
Institutions Signing the Multilateral Amendment for BRL/USD Non-Deliverable FX Transactions

Form of Multilateral Amendment for Non-Deliverable FX and Currency Option Transaction  
Institutions Signing Multilateral Amendment Effective June 23, 2003

Form of Multilateral Amendment of Argentine Peso Non-Deliverable Foreign Exchange Confirmations  
Institutions Signing the Multilateral Amendment for ARS Non-Deliverable FX Transactions

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 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

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

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

EMTA Template Terms for CLP/EUR Non-Deliverable Cross Currency FX Transactions Effective January 1, 2018

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

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

EMTA Template Terms for COP/EUR Non-Deliverable Cross Currency FX Transactions Effective January 1, 2018

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

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

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

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

EMTA Template Terms for KZT/USD Non-Deliverable FX Transactions Effective January 1, 2018 

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

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

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

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

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

EMTA Template Terms for NGN NiFEX / USD Non-Deliverable FX Forward Transactions Effective October 13, 2017 

EMTA Template Terms for NGN NiFEX / USD Non-Deliverable Currency Option Transactions Effective October 13, 2017

EMTA Template Terms for GHS/USD Non-Deliverable FX Transactions Effective July 21, 2014  

EMTA Template Terms for KES/USD Non-Deliverable FX Transactions Dated July 21, 2014

EMTA Template Terms for KES/USD Non-Deliverable Currency Option Transactions Dated July 21, 2014

EMTA Template Terms for ZMW/USD Non-Deliverable FX Transactions Dated July 21, 2014

EMTA Template Terms for ZMW/USD Non-Deliverable Currency Option Transactions Dated July 21, 2014

EMTA Template Terms for ARS/USD Non-Deliverable FX Transactions Dated June 30, 2014  

EMTA Template Terms for IDR/USD Non-Deliverable Currency Option Transaction Dated August 6, 2013 

SFEMC/EMTA/FXC Template Terms for IDR/USD Non-Deliverable FX Transaction Dated August 6, 2013 

EMTA Template Terms for MYR/USD Non-Deliverable Currency Option Transactions Effective August 6, 2013

SFEMC/EMTA/FXC Template Terms for MYR/USD Non-Deliverable FX Transaction Effective August 6, 2013 

EMTA Template Terms for GHS/USD Non-Deliverable FX Transactions Effective May 9, 2012

EMTA Template Terms for GHS/USD Non-Deliverable Currency Option Transactions Dated May 9, 2012 

EMTA Template Terms for INR/EUR Non-Deliverable Cross Currency FX Transactions Dated May 31, 2011 

EMTA Template Terms for INR/GBP Non-Deliverable Cross Currency FX Transactions Dated May 31, 2011 

EMTA Template Terms for RUB/EUR Non-Deliverable Cross Currency Currency Option Transactions Dated May 31, 2011 

EMTA Template Terms for NGN/USD Non-Deliverable FX Transactions Effective December 27, 2010  

EMTA Template Terms for NGN/USD Non-Deliverable Currency Option Transactions Dated December 27, 2010 

EMTA Template Terms for EGP/USD Non-Deliverable FX Transactions Effective May 24, 2010  

SFEMC/EMTA/FXC Template Terms for PKR/USD Non-Deliverable FX Transactions Effective July 14, 2008 

EMTA Template Terms for PKR/USD Non-Deliverable Currency Option Transactions Dated July 14, 2008 

SFEMC/EMTA/FXC Template Terms for VND/USD Non-Deliverable FX Transactions Effective July 14, 2008 

EMTA Template Terms for VND/USD Non-Deliverable Currency Options Transactions Dated July 14, 2008 

EMTA Template Terms for ARS/USD Non-Deliverable Currency Option Transactions Dated July 1, 2008 

SFEMC/EMTA/FXC Template Terms for IDR/USD Non-Deliverable Currency Option Transaction Dated July 1, 2008 

EMTA Template Terms for INR/USD Non-Deliverable Currency Option Transactions Dated July 1, 2008

EMTA Template Terms for PHP/USD Non-Deliverable Currency Option Transactions Dated July 1, 2008 

EMTA Template Terms for RUB/USD Non-Deliverable Currency Option Transactions Dated July 1, 2008 

EMTA Template Terms for CLP/USD Non-Deliverable FX Transactions Effective August 1, 2006  

EMTA Template Terms for COP/USD Non-DeliverableFX Transactions Effective August 1, 2006  

EMTA Template Terms for PEN/USD Non-Deliverable FX Transactions Effective August 1, 2006 

EMTA Template Terms for ARS/USD Non-Deliverable FX Transactions Dated May 17, 2006 

EMTA Template Terms for BRL/USD Non-Deliverable FX Transactions Dated May 17, 2006  

SFEMC/EMTA/FXC Template Terms for IDR/USD Non-Deliverable FX Transaction Dated May 17, 2006

SFEMC/EMTA/FXC Template Terms for INR/USD Non-Deliverable FX Forward Transaction Dated May 17, 2006 

SFEMC/EMTA/FXC Template Terms for MYR/USD Non-Deliverable FX Transaction Dated May 17, 2006

SFEMC/EMTA/FXC Template Terms for PHP/USD Non-Deliverable FX Forward Transactions Effective October 25, 2006 

SFEMC/EMTA/FXC Template Terms for PHP/USD Non-Deliverable FX Transaction Dated May 17, 2006 

EMTA Template Terms for RUB/USD Non-Deliverable FX Transactions Dated May 17, 2006

SFEMC/EMTA/FXC Template Terms for MYR/USD Non-Deliverable FX Transaction Effective July 15, 2005 

EMTA Template Terms for RUB/USD Non-Deliverable FX Transactions Dated June 16, 2005

2004 EMTA/SFEMC/FXC Template Terms for CNY/USD Non-Deliverable FX Transaction Effective December 1, 2004

2004 EMTA/SFEMC/FXC Template Terms for IDR/USD Non-Deliverable FX Transaction Effective December 1, 2004

2004 EMTA/SFEMC/FXC Template Terms for INR/USD Non-Deliverable FX Transaction Effective December 1, 2004

2004 EMTA/SFEMC/FXC Template Terms for KRW/USD Non-Deliverable FX Transaction Effective December 1, 2004

2004 EMTA/SFEMC/FXC Template Terms for PHP/USD Non-Deliverable FX Transaction Effective December 1, 2004

2004 EMTA/SFEMC/FXC Template Terms for TWD/USD Non-Deliverable FX Transaction Effective December 1, 2004

EMTA Template Terms for BRL/USD Non-Deliverable FX Transactions Dated March 1, 2004

EMTA Template Terms for Non-Deliverable FX Transactions Dated June 23, 2003

EMTA Template Terms for ARS/USD Non-Deliverable FX Transaction Dated January 2, 2003

EMTA Template Terms for ARS/USD Non-Deliverable FX Transaction Dated April 23, 2002

EMTA Template Terms for ARS/USD Non-Deliverable FX Transaction Dated July 10, 2001

EMTA Template Terms for TWD/USD Non-Deliverable FX Transaction Dated as of November 1, 2001

EMTA Template Terms for PHP/USD Non-Deliverable FX Transaction Dated as of February 5, 2001 

EMTA Template Terms for KRW/USD Non-Deliverable FX Transaction Dated as of February 5, 2001

EMTA Template Terms for INR/USD Non-Deliverable FX Transaction Dated as of February 5, 2001 

EMTA Template Terms for CNY/USD Non-Deliverable FX Transaction Dated as of February 5, 2001

EMTA Template Terms for BRL/USD Non-Deliverable FX Transaction Dated as of October 23, 2000