FX and Currency Derivatives Documents FX and Currency Derivatives Documents
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  
SURVEY METHODOLOGIES  
USER'S GUIDES
MULTILATERAL AMENDMENTS AND DOCUMENTATION PROTOCOLS
OTHER DOCUMENTATION
SUPERSEDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FORWARD AND CURRENCY OPTION TRANSACTIONS
CURRENT RECOMMENDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FORWARD FX 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 (Click Here), by fax at 646-289-5429 or by phone at 301-838-4552.

Annex A Restatement Documents 

Annex A Cover Note and Definitions Chart 

Annex A Definitions Draft 3/29/16  

 

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)
Press Release Dated October 31, 2007 For Multilateral Master Agreement

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 

Compendium of Amendments to Annex A to the 1998 FX and Currency Option Definitions Updated as of November 10, 2016 

RUB Amendment Dated July 18, 2016 

MYR Amendment Dated July 18, 2016  

PKR and VND Amendment Dated September 14, 2015 

NGN, KES and ZMW Amended Rate Source Definitions dated May 28, 2015 

BRL and INR Amendments to Annex A Dated September 1, 2014

GHS, KES and ZMW Definitions Dated July 14, 2014 

ARS Rate Source Definition Dated June 30, 2014 

IDR Rate Source Definition Dated March 28, 2014 

IDR, THB, VND and SGD Definitions Effective August 6, 2013  

MYR Definition Dated July 5, 2013 

EGP Rate Source Definition Updated March 25, 2013 

GHS Rate Source Definition Dated May 9, 2012

BRL PTAX Amendment to Annex A Dated August 17, 2011 

Non-Deliverable Cross Currency FX Transactions Supplement to the 1998 Definitions Dated May 31, 2011 

Cross Currency FX Transaction Amendments to Annex A Dated May 31, 2011 

African Currency Amendment to Annex A Dated May 16, 2011

NGN Currency and Rate Source Definitions Dated December 13, 2010 

EGP Rate Source Definitions Dated May 10, 2010 

KZT and UAH Rate Source Definitions Dated March 4, 2009

PKR and VND Rate Source Definitions Dated June 25, 2008

TARGET2 Amendment to the 1998 FX and Currency Option Definitions Dated June 5, 2008

VEF Rate Source Definition Amendment Dated April 16, 2008

PEN Amendment to Annex A Dated November 15, 2007

INR and PHP Amendments to Annex A Effective October 25, 2006   

CLP, COP and PEN Rate Source Definitions Effective August 1, 2006   

KRW Amendments to Annex A Dated April 3, 2006 

CNY Amendment to Annex A Dated March 6, 2006 

Technical Revisions to Barrier Option Supplement

2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions  

Practice Notes to the 2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions

CNY Rate Source Definition Dated November 7, 2005

MYR and IDR Amendments to Annex A Effective July 15, 2005  

ROL Amendment to Annex A Dated July 1, 2005

RUB Amendments to Annex A Dated June 16, 2005

TRY Amendments to Annex A Dated January 1, 2005  

Asian Currency Rate Source Definition Amendments to Annex A of the 1998 FX and Currency Option Definitions Effective December 1, 2004

BRL Amendments to Annex A Dated March 1, 2004

KRW Amendments to Annex A Dated December 2, 2003

TWD Amendments to Annex A Dated March 3, 2003  

ARS Amendments to Annex A Dated as of January 2, 2003

ARS Amendments to Annex A Dated July 10, 2001

KRW Amendments to Annex A Dated June 20, 2001

Revised Annex A to the 1998 FX and Currency Option Definitions Dated September 25, 2000  

1998 FX and Currency Option Definitions  

Brazilian Real Rate Source Definitions Effective as of March 14, 2000

 

SURVEY METHODOLOGIES 

EMTA RUB Indicative Survey Rate Methodology Updated as of July 18, 2016 

EMTA GHS Indicative Survey Methodology Dated as of July 14, 2014

EMTA ARS Indicative Survey Methodology Updated as of June 30, 2014 

SFEMC IDR Indicative Survey Methodology Updated as of March 28, 2014  

SFEMC MYR Indicative Survey Methodology Updated as of July 18, 2016 

EMTA GHS Indicative Survey Rate Methodology Dated as of May 9, 2012

EMTA NGN Indicative Survey Rate Methodology Dated as of December 27, 2010 

EMTA EGP Indicative Survey Rate Methodology Dated as of May 24, 2010 

EMTA KZT/USD Indicative Survey Rate Methodology Dated as of March 16, 2009  

EMTA UAH/USD Indicative Survey Rate Methodology Dated as of March 16, 2009  

EMTA UAH/USD Industry Survey Rate Methodology Dated as of March 16, 2009

EMTA CLP Indicative Survey Rate Methodology Dated as of August 1, 2006  

EMTA COP Indicative Survey Rate Methodology Dated as of August 1, 2006  

EMTA PEN Indicative Survey Rate Methodology Dated as of August 1, 2006    

EMTA RUB Indicative Survey Rate Methodology Effective July 18, 2016 

SFEMC CNY Indicative Survey Rate Methodology Dated December 1, 2004 

SFEMC INR Indicative Survey Rate Methodology Dated December 1, 2004 

SFEMC KRW Indicative Survey Rate Methodology Dated December 1, 2004 

SFEMC PHP Indicative Survey Rate Methodology Dated December 1, 2004 

SFEMC TWD Indicative Survey Rate Methodology Dated December 1, 2004 

EMTA BRL Industry Survey Rate Methodology Dated as of March 1, 2004  

EMTA BRL Indicative Survey Rate Methodology Dated as of March 1, 2004

EMTA ARS Industry Survey Rate Methodology Dated as of January 2, 2003    

EMTA ARS Indicative Survey Rate Methodology Dated as of January 2, 2003   

CME/EMTA ARS Methodology (Dated and Effective as of July 10, 2001)  

Chicago Mercantile Exchange/EMTA Brazilian Real/U.S. Dollar Industry Survey Methodology Dated as of November 8, 1999  

Revised Chicago Mercantile Exchange/Emerging Market Traders Association Ruble Rate Methodology Dated as of October 14, 1998  

 

USER'S GUIDES 

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

Updated EMTA Guidance Note on Expiration Times for Malaysian Ringgit and Indonesia Rupiah Non-Deliverable Currency Option Transactions dated January 23, 2014 (UPDATE PENDING). 

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 

User’s Guide to Documenting Non-Deliverable Cross Currency FX and Currency Option Transactions 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 

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 

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 

  

 

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

Below are the EMTA Template Terms for Non-Deliverable and Currency Option Transactions for various currency pairs that have been superseded by newly recommended terms (see above). The below do not reflect current market practice for the documentation of non-deliverable 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 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 RUB/EUR Non-Deliverable Cross Currency Currency Option Transactions Dated May 31, 2011 

EMTA Template Terms for UAH/USD Non-Deliverable FX Transactions Dated March 16, 2009 

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 RUB/USD Non-Deliverable Currency Option Transactions Dated July 1, 2008 

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 

SFEMC/EMTA/FXC Template Terms for IDR/USD Non-Deliverable FX 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 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