FX and Currency Derivatives Market Practices
From time to time, EMTA recognizes certain conventions for the trading of Emerging Markets instruments. These conventions, known as Market Practices, are generally formulated, normally in close consultation with one or more of its Working Groups, in response to a request by market participants for trading practices that will be well-understood and generally accepted by the marketplace, in the interests of promoting market efficiency and transparency and increasing liquidity.
Following a careful review of the applicable issues and circumstances and a polling of market participants, EMTA develops and distributes each proposed Market Practice as far in advance of its intended effective date as is practicable. Following a period of review and consultation, Market Practices are then formally recognized by EMTA and recommended to the marketplace, assuming that a sufficient consensus of market participants is established. If a consensus does not emerge from the Working Group discussions and other input, the proposed Market Practice may be modified or, in some cases, specifically re-designed to permit market participants to elect between clearly defined alternatives.
Some of EMTA’s most important work is in responding to market disruptions and other events where an industry-wide approach to the crisis may help alleviate some of the impact of the disruption. This work, frequently undertaken by EMTA Working Groups, will often be expressed in the form of recommended Market Practices or other initiatives.
Initially referred to as "NDF Market Practices," these were renamed "FX and Currency Derivatives Market Practices" to reflect the evolving and expanding nature of the foreign exchange market in Emerging Market currencies. Specifically, but without limitation, EMTA may, from time to time, post recommended Market Practices in this section that apply to transactions in and products for non-deliverable forwards, non-deliverable currency options, non-deliverable cross currency FX transactions and other currency derivatives.
102. Recommended FX and Currency Derivatives Market Practice on New Frontier Market Template Terms for Non-Deliverable FX Forward and Currency Option Transactions dated December 16, 2024.
101. Recommended FX and Currency Derivatives Market Practice on Updated Template Terms for RUB Non-Deliverable FX Forward, Currency Option and Cross Currency FX Transactions dated September 16, 2024.
100. Recommended FX and Currency Derivatives Market Practice on the ARS MAE Rate dated May 30, 2024.
99. Recommended FX and Currency Derivatives Market Practice on New Template Terms for UZS/USD Non-Deliverable FX Forward and Currency Option Transactions dated February 1, 2023.
98. Recommended FX and Currency Derivatives Market Practice on Updated Template Terms for RUB Non-Deliverable FX Forward, Currency Option and Cross Currency FX Transactions dated April 20, 2022.
97. Recommended FX and Currency Derivatives Market Practice on Settlement of UAH/USD Non-Deliverable FX and Currency Option Transactions dated March 22, 2022.
96. Recommended FX and Currency Derivatives Market Practice on Updated Template Terms for BRL/USD, CLP/USD, COP/USD and PEN/USD Non-Deliverable FX Forward and Currency Option Transactions dated June 21, 2021.
95. Recommended FX and Currency Derivatives Market Practice on Updated Publication Time for IDR JISDOR (IDR04) dated March 15, 2021.
94. Recommended FX and Currency Derivatives Market Practice on Valuations During Restricted Trading Hours for KZT/USD Non-Deliverable FX Forward and Currency Option Transactions dated April 20, 2020.
93. Recommended FX and Currency Derivatives Market Practice on April 6 – April 10 Valuations for KZT/USD Non-Deliverable FX Forward and Currency Option Transactions dated April 6, 2020.
92. Recommended FX and Currency Derivatives Market Practice on Updated Template Terms for GHS/USD, KES/USD and ZMW/USD Non-Deliverable FX Forward and Currency Option Transactions dated April 1, 2020.
91. Recommended FX and Currency Derivatives Market Practice on March 30-April 3 Valuations for KZT/USD Non-Deliverable FX Forward and Currency Option Transactions dated March 30,2020.
90. Recommended FX and Currency Derivatives Market Practice on Updated Template Terms for KZT/USD Non-Deliverable FX Forward and Currency Option Transactions dated March 16, 2020.
89. Recommended FX and Currency Derivatives Market Practice on New Template Terms for UYU/USD Non-Deliverable FX Forward and Currency Option Transactions dated March 16, 2020.
88. Recommended FX and Currency Derivatives Market Practice on New Template Terms for AOA/USD and UGX/USD Non-Deliverable FX Forward and Currency Option Transactions dated March 16, 2020.
87. Recommended FX and Currency Derivatives Market Practice on New Terms for ARS/USD Non-Deliverable FX Forward and Currency Option Transactions dated October 7, 2019.
86. Recommended FX and Currency Derivatives Market Practice on New Template Terms for UAH/USD Non-Deliverable FX and Currency Option Transactions dated November 12, 2018.
85. Recommended FX and Currency Derivatives Market Practice on Adjustments to Outstanding KZT / USD FX Forward and Currency Option Transactions dated September 12, 2018.
84. Recommended FX and Currency Derivatives Market Practice on Updated Template Terms for KZT / USD FX Forward and Currency Option Transactions dated September 7, 2018.
83. Recommended FX and Currency Derivatives Market Practice on Indian Rupee / US Dollar Rate Source dated June 28, 2018.
82. Recommended FX and Currency Derivatives Market Practice on Revisions to Philippine Peso / US Dollar Rate Source Definition dated March 29, 2018.
81. Recommended FX and Currency Derivatives Recommended Market Practice on New Terms for BRL / USD Non-Deliverable FX Forward and Currency Option Transactions and Cross Currency FX Transactions dated January 15, 2018.
80. Recommended FX and Currency Derivatives Market Practice on Revisions to Disruption Fallbacks in Certain Template Terms for Non-Deliverable FX Forward and Currency Option Transactions dated January 1, 2018.
79. Recommended FX and Currency Derivatives Market Practice on Primary Settlement Rate Option for Nigerian Naira / USD Non-Deliverable FX Forward and Currency Option Transactions updated December 10, 2018.
78. Recommended FX and Currency Derivatives Market Practice on New Standard Terms for MYR / USD Non-Deliverable FX Forward and Currency Option Transactions dated July 18, 2016.
77. Recommended FX and Currency Derivatives Market Practice on New Standard Terms for RUB / USD Non-Deliverable FX Forward and Currency Option Transactions dated June 13, 2016.
76. Recommended FX and Currency Derivatives Market Practice for Semi-Continuous Barrier and Binary Options in Certain Non-Deliverable Currency Pairs updated July 24, 2024.
75. Guidance with Regard to Calculation Agent Determination in the Valuation of UAH / USD Non-Deliverable Forward FX and Currency Option Transactions dated November 5, 2014.
74. Recommended FX and Currency Derivatives Market Practice on Amended and New Template Terms for GHS / USD, KES / USD and ZMW / USD Non-Deliverable FX Forward and Currency Option Transactions dated July 21. 2014.
73. Recommended FX and Currency Derivatives Market Practice for BRL / USD NDF and NDO Transactions and Valuation Dates Falling on the "Last Weekday of the Year" dated July 10, 2014.
72. Recommended FX and Currency Derivatives Market Practice on Change in Primary Settlement Rate Option for ARS Non-Deliverable FX Forward and Currency Option Transactions dated June 9, 2014.
71. Recommended FX and Currency Derivatives Market Practice on Change in Primary Settlement Rate Option for IDR / USD Non-Deliverable FX Forward and Currency Option Transactions dated March 4, 2014.
70. Recommended FX and Currency Derivatives Market Practice on BRL / USD NDF and NDO Transactions and December 31, 2013 Valuations dated September 18, 2013.
69. Recommended FX and Currency Derivatives Market Practice on Changes in Primary Settlement Rate Options for IDR / USD, MYR / USD and VND / USD Non-Deliverable FX Forward and Currency Option Transactions dated July 5, 2013.
68. Recommended FX and Currency Derivatives Market Practice No. 68 on New Trading Convention for Russian Ruble Currency Option Transactions dated June 6, 2013.
67. Recommended FX and Currency Derivatives Market Practice on Updated Rate Source Definition for EGP / USD NDF and NDO Transactions dated March 25, 2013.
66. Recommended FX and Currency Derivatives Market Practice on Monitoring RUB / USD Barrier Option Transactions updated June 6, 2013.
65. Recommended FX and Currency Derivatives Market Practice on Template Terms for GHS / USD Non-Deliverable Forward FX and Currency Option Transactions dated May 2, 2012.
64. Recommended FX and Currency Derivatives Market Practice on Expiration Times for Russian Ruble Currency Option Transactions updated May 24, 2017.
63. Recommended FX and Currency Derivatives Market Practice on Using Standard Terms for Non-Deliverable Cross Currency FX Transactions dated May 31, 2011.
62. Recommended FX and Currency Derivatives Market Practice on Relevant Cities for Business Days For Valuation Dates and Settlement Dates dated May 31, 2011.
61. Recommended FX and Currency Derivatives Market Practice on No Disruption Events and Disruption Fallbacks for Settlement Currency dated May 31, 2011.
60. Recommended EMTA FX and Currency Derivatives Market Practice on Deferring, Postponing or Adjusting Valuation Dates dated May 31, 2011.
59. Recommended FX and Currency Derivatives Market Practice on Settlement Rate Options dated May 31, 2011.
58. Recommended FX and Currency Derivatives Market Practice on Determining Cross Currency Settlement Rates dated May 31, 2011.
57. Recommended FX and Currency Derivatives Market Practice on Documenting Cross Currency Transactions dated May 31, 2011.
56. Recommended FX and Currency Derivatives Market Practice on Documenting Cross Currency Transactions dated May 31, 2011.
55. Recommended FX and Currency Derivatives Market Practice on Settlement of EGP / USD Non-Deliverable Forward FX and Currency Option Transactions dated February 7, 2011.
54. Recommended EMTA FX and Currency Derivatives Market Practice on Template Terms for NGN / USD Non-Deliverable Forward FX Transactions dated December 13, 2010.
53. Recommended FX and Currency Derivatives Market Practice on Template Terms for EGP / USD Non-Deliverable Forward FX and Currency Option Transactions dated May 10, 2010.
52. Recommended FX and Currency Derivatives Market Practice For Valuation of Brazilian Real NDF / NDO Transactions on May 31, 2010 dated March 3, 2010.
51. Recommended FX and Currency Derivatives Market Practice on New Settlement Rate Option for UAH / USD Non-Deliverable Forward FX and Currency Option Transactions dated August 5, 2009.
50. Recommended FX and Currency Derivatives Market Practice on Template Terms for KZT / USD and UAH / USD Non-Deliverable Forward FX and Currency Option Transactions dated March 4, 2009.
49. Recommended FX and Currency Derivatives Market Practice for RUB / USD NDFs and NDOs Following Moscow Holidays Added dated December 11, 2008.
48. Recommended FX and Currency Derivatives Market Practice on Template Terms for PKR / USD and VND / USD Non-Deliverable FX Transactions dated June 25, 2008.
47. Recommended FX and Currency Derivatives Market Practice for Adjusting Business Days for CNY / USD NDF and NDO Transactions dated February 1, 2008.
46. Recommended FX and Currency Derivatives Market Practice for PEN / USD Non-Deliverable Forward FX and Currency Option Transactions dated November 15, 2007.
45. Recommended FX and Currency Derivatives Market Practice for Determining Breaches in BRL / USD Non-Deliverable Barrier Option Transactions updated November 6, 2012.
44. Recommended FX and Currency Derivatives Market Practice for CLP / USD Non-Deliverable Forward FX and Currency Option Transactions with the Scheduled Valuation Date of September 17, 2007, dated September 10, 2007.
43. Recommended FX and Currency Derivatives Market Practice for CLP / USD Non-Deliverable Forward FX and Currency Option Transactions with Scheduled Valuation Dates of May 31 and June 1, 2007, dated April 30, 2007.
42. Recommended FX and Currency Derivatives Market Practice for Non-Deliverable Currency Option Transactions dated April 13, 2007.
41. Recommended FX and Currency Derivatives Market Practice for PHP / USD Non-Deliverable Forward FX Transactions Dated October 25, 2006.
40. Recommended FX and Currency Derivatives Market Practice on Template Terms for CLP / USD, COP / USD and PEN / USD Non-Deliverable FX Transactions Dated July 10, 2006.
39. Recommended FX and Currency Derivatives Market Practice Clarifying Adjustments To The Settlement Date dated May 17, 2006.
38. Recommended FX and Currency Derivatives Market Practice for KRW / USD Non-Deliverable FX and Currency Option Transactions dated April 3, 2006.
37. Recommended FX and Currency Derivatives Market Practice for CNY / USD Non-Deliverable FX and Currency Option Transactions dated March 6, 2006.
36. Recommended NDF Market Practice on Template Terms for MYR / USD Foreign Exchange Transactions dated July 1, 2005.
35. Recommended NDF Market Practice on Template Terms for RUB / USD Foreign Exchange Transactions dated May 3, 2005.
34. Recommended NDF Market Practice to Amend Template Terms for Outstanding and Future Asian Currency Foreign Exchange Contracts, dated November 1, 2004.
33. Recommended NDF Market Practice to Amend Template Terms for Outstanding and Future BRL Foreign Exchange Contracts, dated February 18, 2004.
32. Recommended NDF Market Practice Extending the “Drop-dead Date” from Eight to Thirty Days For Non-Deliverable FX and Currency Option Transactions in Various Latin American Currencies, dated June 23, 2003.
31. Recommended NDF Market Practice for Settlement of Outstanding Venezuelan Bolivar / U.S. Dollar Non-Deliverable FX and Currency Option Transactions, dated May 21, 2003.
30. Recommended NDF Market Practice for Chilean Peso / U.S. Dollar Non-Deliverable FX and Currency Option Transactions, dated March 21, 2003.
29. Recommended NDF Market Practice for Venezuelan Bolivar / US Dollar FX Transactions, dated January 28, 2003.
28. Recommended NDF Market Practice for Amended Template Terms for Outstanding and Future ARS Foreign Exchange Contracts, effective January 2, 2003.
27. Recommended NDF/NDO Market Practice for a Revised Deferral Period for Outstanding and Future Argentine NDF / NDO Contracts, dated April 23, 2002.
26. Recommended NDF Market Practice for Settlement of Outstanding Argentine NDF Contracts, dated February 11, 2002.
25. Recommended NDF Market Practice for Settlement of Outstanding Argentine NDF Contracts, dated January 11, 2002.
24. Recommended NDF Market Practice for Argentina NDF Contracts, dated January 9, 2002.
23. Recommended NDF Market Practice for Deferral of Valuation Dates, dated January 2, 2002.
22. Recommended NDF Market Practice for Deferral of December 21, 2001 Valuation Date to January 2, 2002, dated December 31, 2001.
21. Recommended NDF Market Practice on Standard Terms for Taiwan Dollar NDFs, dated November 1, 2001.
20. Recommended NDF Market Practice on Standard Terms for Argentine Peso NDFs, dated July 10, 2001.
19. Recommended NDF Market Practice on Standard Terms for Taiwan Dollar NDFs, dated February 5, 2001.
18. Recommended NDF Market Practice on Standard Terms for Philippine Peso NDFs, dated February 5, 2001.
17. Recommended NDF Market Practice on Standard Terms for Korean Won NDFs, dated February 5, 2001.
16. Recommended NDF Market Practice on Standard Terms for Indian Rupee NDFs, dated February 5, 2001.
15. Recommended NDF Market Practice on Standard Terms for Chinese Renminbi NDFs, dated February 5, 2001.
14. Recommended NDF Market Practice on Standard Terms for Brazilian Real NDFs, dated October 23, 2000.
13. Recommended NDF Market Practice on Expiration Times for Non-deliverable Options, dated October 2, 2000.
12. Recommended NDF Market Practice on adjusting the Settlement Date, dated October 2, 2000.
11. Recommended NDF Market Practice on the drop-dead date in the event of an "Unscheduled Holiday", dated October 2, 2000.
10. Recommended NDF Market Practice defining an "Unscheduled Holiday", dated October 2, 2000.
9. Recommended NDF Market Practice on adjusting the Valuation Date, dated October 2, 2000.
8. Recommended NDF Market Practice on applying Business Day Convention to adjust Valuation Date, dated October 2, 2000.
7. Recommended NDF Market Practice on Calculation Agent, dated October 2, 2000.
6. Recommended NDF Market Practice on Disruption Fallbacks, dated October 2, 2000.
5. Recommended NDF Market Practice on Disruption Events, dated October 2, 2000.
4. Recommended NDF Market Practice on Dates Certain for Valuation and Settlement Date, dated October 2, 2000.
3. Recommended NDF Market Practice on Business Day for Settlement Date, dated October 2, 2000.
2. Recommended NDF Market Practice on Business Day for Valuation Date, dated October 2, 2000.
1. Recommended NDF Market Practice on Documenting Transactions, dated October 2, 2000.