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: CNY, KRW, INR, IDR, MYR, PHP, RUB and TWD. 

Additional Information

Contact details

  • Hong Kong: + 852 2524 3732
  • London: + 44 (0)20 7532 4623
  • New York: + 1 212 815 9460
  • Singapore: + 65 6329 9306
  • Asia - E-trading: + 65 64 24 8303
  • Americas - E-trading: + 1 212 521 4655
  • Europe - E-trading: +44 (0)20 7000 5800
  • Tokyo - E-trading: + 813 5401 8220