NDF Trading Conditions

Order Execution

This offering by Saxo Capital Markets is by RFQ only. All execution is phone based with the applicable Saxo Trading Desk. Clients who are not assigned to a Private Account Manager or Sales Trader would not have access to this offering.

Clients must sign a required addendum to Saxo’s General Business Terms (GBT) prior to undertaking this offer.

Contract Rolls

NDF contracts are not automatically rolled – Clients would need to place a roll-over request at the latest 1 day prior to the Fixing date, or the position will be closed and settled.

Minimum Trade Size

The minimum trade size is USD 500,000. Orders cannot be taken below the minimum trade size.

Contract Fixing Calculations

  • BRL: Daily Average Ask price taken on PTAX and published at 1.15pm Sao Paulo Time
  • CLP: Chilean Central Bank Rates are published daily for operations settled in the prior business
  • CNY: Set at 9.15am before the Spot open at 9.30am. More or less a black box. Before was determined by PBOC itself based on a basket of currencies they have set. Now PBOC is doing a market survey with several onshore banks
  • COP: The Market Representative Exchange Rate (Tasa Representativa del Mercado) states the daily exchange rate in the colombian market. It corresponds to the arithmetic average of the average weighed bid and ask rates of interbank and transfer operations, completed by authorized market intermediaries
  • IDR: weighted average of USD/IDR spot transactions traded in the interbank market between 8.00am and 9.45am Jakarta time
  • INR: Average spot rate of a 15 min window given by RBI out of a 30-min window (11.00am to 11.30am Mumbai Time). Rate published at 1pm Mumbai Time
  • KRW: volume-weighted average of the rates applied in daily transactions between foreign exchange banks brokered through Seoul Money Brokerage Services. Fixing Rate is published at 3.30pm Seoul Time
  • PEN: Weighted average exchange rate for NDF's fixing rate calculation. It is calculated by Datatec and published for Superintendencia de Banca, Seguros y AFP Peru and the Central Reserve Bank of Peru.
  • PHP: Morning Weighted averaged of the prices traded in the spot market. Rate is available at 11.31am Daily and published on PDEX
  • TWD: Spot Rate traded at 11.00am Taipei Time