New Developments: FX and Currency Derivatives FX and Currency Derivatives
FX and Currency Derivatives

July 21, 2014
EMTA publishes New and Updated FX Documentation for Trading the Ghanaian Cedi, Kenyan Shilling and Zambian Kwacha.  Please Click Here to see Market Practice No. 74, Click Here to see the GHS, KES and ZMW NDF and NDO Template Terms and Click Here to see the GHS, KES and ZMW Rate Source Definitions.

July 10, 2014
EMTA Issues 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. CLICK HERE to see this Market Practice.

June 9, 2014
EMTA Issues its Recommended FX and Currency Derivatives Market Practice No.  72 recommending a change effective June 30, 2014  in the Primary Settlement  Rate Option for ARS Non-Deliverable FX Forward and Currency Option Transactions.  
CLICK HERE for Market Practice No. 72 
CLICK HERE for New Template Terms and Related Documentation
CLICK HERE for Information on Amending Outstanding Contracts

March 4, 2014
EMTA Publishes its Recommended FX and Currency Derivatives Market Practice No 71 on Change in Primary Settlement Rate Option for IDR/USD Non-Deliverable FX Forward and Currency Option Transactions. Members Only may CLICK HERE to view this market practice.

February 28, 2014
Resolution No. 104 (Excerpt of a Statement of the Governor of the National Bank of Ukraine).

February 27, 2014
Statement by the Governor of the National Bank of the Ukraine.

February 18, 2014
Singapore Foreign Exchange Market Committee Announces Further Benchmark Changes. Further information may be found on the website of the SFEMC.

February 6, 2014
 Press Release of the National Bank of the Ukraine on its Resolution 49 (in Ukranian) “On Measures Relating to Banks Activities and the Conduct of Foreign Exchange Activities”. 

February 4, 2014
Bank of Ghana Notice to Banks and the General Public on Repatriation of Export Proceeds and Bank of Ghana Revised Rules on the Operations of Foreign Exchange Accounts and Foreign Currency Accounts.  

January 28, 2014
Foreign Exchange Committee Semi-Annual Nineteenth Annual Foreign Exchange Volume Survey.

July 29, 2013
The Foreign Exchange Committee releases results of its eighteenth Survey of North American Foreign Exchange Volume. CLICK HERE for the announcement and CLICK HERE for the survey.

July 5, 2013
Asian Currency NDF and NDO and Related Documentation Amended Effective August 6 To Accommodate Asian Benchmark Changes. CLICK HERE to see EMTA FX and Currency Derivatives Market Practice No. 69 Dated July 5, 2013.

SFEMC Explanatory Note (Discontinuation of Certain ABS-Sponsored Benchmarks) Published 

June 14, 2013
The Association of Banks in Singapore, in consultation with the Singapore Foreign Exchange Market Committee, announces plans to overhaul the ABS financial benchmarks infrastructure.

CLICK HERE for the ABS SFEMC Press Release
CLICK HERE for the SFEMC Statement
CLICK HERE for ABS FAQs

June 6, 2013
EMTA Issues Recommended FX and Currency Derivatives Market Practice No. 68 on New Trading Convention for Russian Ruble Currency Options Transactions. EMTA Updates its Recommended FX and Currency Derivatives Market Practice No. 66 for Monitoring RUB.USD Barrier Options Transactions. CLICK HERE to see these Market Practices.

March 25, 2013
EMTA Issues Recommended FX and Currency Derivatives Market Practice on Updated Rate Source Definition for EGP/USD NDF and NDO Transactions. CLICK HERE to see this Market Practice.

March 20, 2013
Slides Presented at the EMTA Special Seminar on the Offshore Renminbi (CNH) Market.

February 26, 2013
The ICI, ICI Global, The American Bankers Association and the ABA Securities Association Request the CFTC for Exemption of NDFs from Certain Aspects of the Swap Regulatory Regime. CLICK HERE.

January 29, 2013
The Foreign Exchange Committee today released the results of its seventeenth Survey of North American Foreign Exchange Volume. The announcement to this survey can be found on the Foreign Exchange Committee's website at http://www.newyorkfed.org/fxc/. Results of this survey, together with the list of reporting dealers and explanatory notes, are available online at http://www.newyorkfed.org/FXC/volumesurvey/.

November 6, 2012
EMTA updates its Recommended FX and Currency Derivatives Market Practice No. 45 on Determining Barrier Breaches in BRL Non-Deliverable Continuous Barrier Option Transactions. CLICK HERE to view this updated Market Practice.

July 16, 2012
FXC releases the results of its sixteenth Survey of North American Foreign Exchange Volumes. 

June 11, 2012
EMTA Issues its Recommended FX and Currency Derivatives on Monitoring RUB/USD Barrier Option Transactions.  CLICK HERE to view this Market Practice Market Practice No. 66.

May 2, 2012
EMTA Publishes Standard Terms for GHS/USD Non-Deliverable FX Transactions.  CLICK HERE for Recommended FX and Currency Derivatives Market Practice No. 65.

February 6, 2012
Foreign Exchange Committee Releases 15th Annual Survey of North American FX Volumes.

January 17, 2012
GFMA’s Global FX Division Warns How Proposed Transaction Tax Would Affect FX Markets.

December 15, 2011
BM&F and BOVESPA Press Release on New Reference Rates.

November 3, 2011
Recommended FX and Currency Derivatives Practice on Expiration Times for Russian Ruble Currency Option Transactions. 

October 28, 2011
Resolutions of the 28th October 2011 CBK/ACI Members Q&A Session at Mayfair. 

October 21, 2011
Central Bank of Kenya Notice Regarding New Restrictions on Kenyan Shilling. 

August 17, 2011
EMTA, ISDA and the FXC Publish BRL PTAX Amendment to Annex A to the 1998 Definitions. 

EMTA, ISDA and the FXC Publish An Updated Compendium of Amendments to Annex A. 

July 25, 2011
FXC Releases its Fourteenth Survey of North America Foreign Exchange Volumes.

July 22, 2011
SIFMA Comments to CFTC and SEC on Joint Proposed Rules on Further Definitions. 

July 4, 2011
Press Release from MICEX Regarding Extension of Trading Hours. 

June 30, 2011
Press Release of the Reserve Bank of India Regarding a Revised Methodology for its USD-INR Rate.

June 24, 2011
Press Release of the Reserve Bank of India Regarding a Revised Methodology for its USD-INR Rate.

June 6, 2011
Comment Letter to Treasury Notice of Proposed Determination of FX Swaps and FX Forwards Submitted By Covington & Burling.
Comment Letter to Treasury Notice of Proposed Determination of FX Swaps and FX Forwards Submitted By ICI. 

May 31, 2011
EMTA Publishes User’s Guide to Documenting Non-Deliverable Cross Currency FX and Currency Option Transactions. 

May 25, 2011
Circular 3.506 of the Banco Central do Brasil Regarding Changes to the PTAX Rate Methodology (in Portuguese, with an unofficial English translation). 

May 23, 2011
CFTC Product Definitions Contained in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  

May 16, 2011
EMTA, ISDA and the FXC Publish the African Currency Amendment to Annex A to the 1998 Definitions.

May 4, 2011
CFTC Proposes Rules and Guidance on "Swap" Definitions -- to Include NDFs. 

EMTA Publishes Proposed Final User’s Guide to Non-Deliverable Cross Currency FX Transactions. 

April 29, 2011
Treasury Issues Notice of Proposed Determination of Foreign Exchange Swaps and Forwards. 

April 12, 2011
"Building the New Derivatives Regulatory Framework"; Testimony of Assistant Secretary of the Treasury, Mary Miller.

February 7, 2011
Recommended FX and Currency Derivatives Market Practice on Settlement of EGP/USD Non-Deliverable Forward FX and Currency Option Transactions dated February 7, 2011.

February 4, 2011
Egypt Update. 

January 12, 2011
Bank of China Q&A on Renminbi Trading by US Persons.

December 16, 2010
Banco Central Do Brasil Amendments to the PTAX Rate Methodology (in Portuguese). 

Banco Central Do Brasil Amendments to the PTAX Rate Methodology (in English).

December 14, 2010
EMTA today announces the publication of its Recommended FX and Currency Derivatives Market Practice No.54 on Template Terms for Nigerian Naira Non-Deliverable Forward FX Transactions. See EMTA’s website (FX and Currency Derivatives Documentation and Market Practices) for documentation and more information.

November 29, 2010
FXC Submits Comments to Treasury on “Determination of FX Swaps and FX Forwards”. 

November 24, 2010
SIFMA/AMG Letter to CFTC and SEC Addressing Definition of Foreign Exchange Forward and Other Items. 

November 23, 2010
ISDA Letter to the United States Department of Treasury on "Determination of Foreign Exchange Swaps and Forwards". 

November 15, 2010
SIFMA/AFME/ASIFMA Letter to the United States Department of Treasury on "Exemption of  Foreign Exchange Swaps and Forwards". 

September 27, 2010
2010 FX Commitment Letter. 

September 23, 2010
Circular 3.506 of the Banco Central do Brasil Regarding Changes to the PTAX Rate Methodology (in Portuguese). 

September 20, 2010
ISDA Letter to the CFTC and SEC on "Definitions Contained in Title VII of the Dodd-Frank Wall Street Reform and Protection Act".  

July 19, 2010

HKMA and PBOC Press Release on Renminbi Trading. 

June 7, 2010

Argentina Issues New FX Regulations (In Spanish). 

May 18, 2010

Venezuela Published New Foreign Exchange Regulation (in Spanish). 

August 5, 2009

EMTA publishes its Recommended FX and Currency Derivatives Market Practice No.51 on New Settlement Rate Option for UAH/USD Non-Deliverable Forward FX and Currency Option Transactions for the Ukrainian Hryvnia. 

July 21, 2009

EMTA and ISDA publish their fourth joint market practice for swaps and credit derivatives: Recommended EMTA-ISDA Market Practice on Non-Deliverable CLP Camara Interest Rate Swap Transactions dated July 21, 2009. 

July 9, 2009

Comunicado Nro. 49516 of the Banco Central de la Republica Argentina declaring July 10, 2009 a bank holiday (in Spanish). 

April 1, 2009

Peruvian Legislation to Tax Derivative Transactions Under Consideration (Spanish language version). 

March 13, 2009

EMTA and ISDA Publish New Joint Market Practice No. 2 on Non-Deliverable Swap Transactions. Conforming changes also have been made to EMTA ISDA Joint Market Practice No. 1. EMTA Members only may view the newly issued and amended joint Market Practices. 

March 4, 2009

EMTA publishes its Recommended FX and Currency Derivatives Market Practice No. 50 on standard terms for NDF and NDO transactions for the Kazakhstan Tenge and the Ukrainian Hryvnia. 

December 11, 2008

EMTA publishes Recommended FX and Currency Derivatives Market Practice No. 49 for RUB/USD NDF and NDO Transactions. 

October 10, 2008

Temporary Capital Controls Introduced by Iceland. 

September 9, 2008

EMTA and ISDA To Sponsor Joint Symposium on November 18, 2008 in New York City on NDF, NDO and NDS Documentation. 

April 30, 2008

EMTA and ISDA Symposium: A Primer on Documenting Non-Deliverable Forwards, Options and Swaps. View EMTA Materials. 

February 25, 2008

EMTA and ISDA To Sponsor Joint Symposium on April 30, 2008 in London on NDF, NDO and NDS Documentation. 

April 13, 2007

EMTA publishes FX and Currency Derivative Market Practice No. 42, recommending the use, effective April 20, 2007, of standardized terms to document non-deliverable currency option transactions. Members may  CLICK HERE  to view Market Practice No. 42 and may   CLICK HERE   to view the User’s Guide to Documenting Non-Deliverable Currency Option Transactions.

March 2, 2007

The Bank Of Thailand Issues Measures to Prevent Thai Baht Speculation. 

December 19, 2006

The Bank of Thailand Imposes Reserve Requirements on Short-Term Capital Inflows. 

The Bank of Thailand Regulation on Short Term Capital Inflows (in Thai). 

October 25, 2006

EMTA, ISDA and FXC update Annex A to the FX and Currency Option Definitions with an updated rate source definition for the Indian Rupee and a new rate source definition for the Philippine Peso. CLICK HERE for the Annex A updates. EMTA, SFEMC and the FXC issue updated PHP Template Terms for Non-Deliverable FX Transactions. CLICK HERE for the updated Template Terms. EMTA issues FX and Currency Derivative Market Practice No. 41 in connection therewith. CLICK HERE for EMTA’s Market Practice No. 41.

July 10, 2006

EMTA Issues New Market Practice Recommending Standard Terms for Chilean Peso, Colombian Peso and Peruvian Sol Non-Deliverable FX Transactions. Click Here for FX and Currency Derivative Market Practice No. 40.

May 17, 2006

EMTA Issues FX and Currency Derivative Market Practice No. 39 Clarifying Adjustments to the Settlement Date for Non-Deliverable FX Transactions. 

May 5, 2006

Fitch Upgrades Dominican Republic Long-Term Foreign Currency Rating to B. 

Updates Made to the 2005 Barrier Option Supplement. 

April 3, 2006

EMTA Issues FX and Currency Derivatives Market Practice No. 38 On Updating the Korean Won Rate Source Definition. 

March 6, 2006

EMTA Issues FX and Currency Derivatives Market Practice No. 37 On Updating the Chinese Renminbi Rate Source Definition. 

January 4, 2006

People's Bank of China Makes Further Changes to its Forex System. 

December 6, 2005

New Barrier Option Supplement to the 1998 FX and Currency Option Definitions Published. 

July 21, 2005

Statement from the People's Bank of China on Reforming the RMB Exchange Rate Regime.  

Malaysia Adopts Managed Float for Ringgit. 

July 1, 2005

EMTA, SFEMC and FXC Jointly Announce Template Terms for MYR/USD Non-Deliverable FX Documentation.  

  • Click Here for SFEMC/EMTA/FXC Joint Announcement
  • Click Here for EMTA NDF Market Practice 36
  • Click Here for MYR Template Terms
  • Click Here for Amendments to Annex A
  • Click Here for SFEMC Indicative Survey Methodology
  • Click Here for Addendum to 2004 Asian Currency Non-Deliverable FX Documentation dated July 15, 2005
 

May 20, 2005

New and Amended Russian Ruble Rate Source Definitions Announced by EMTA, ISDA and the FXC.  

May 3, 2005

EMTA publishes standard terms (and related documentation) for Russian Ruble/U.S. Dollar non-deliverable foreign exchange transactions, and in conjunction with the Chicago Mercantile Exchange updates the methodology for the daily CME EMTA Reference Rate.

  • Click Here for NDF Market Practice 35
  • Click Here for the RUB/USD Template Terms for Non-Deliverable FX Transactions
  • Click Here for updated CME/EMTA Reference Rate Methodology
  • Click Here for EMTA RUB Indicative Survey Rate Methodology
 

December 30, 2004

Turkish Lira Definition Amended. 

December 7, 2004

The Operations Committees of the FXC and the FEJSC Issue Joint Statement Regarding the January 1, 2005 Turkish Lira Conversion.  

November 8, 2004

FXC Releases 2004 Version of Non-Dealer Recommendations. 

November 1, 2004

EMTA, SFEMC and FXC Jointly Announce Amended Asian Currency NDF Documentation. EMTA Publishes NDF Market Practice No. 34 For Amended Asian Currency Template Terms. EMTA, the FXC and ISDA Announce Amendments to Annex A of the 1998 FX and Currency Option Definitions.

 

May 12, 2004

EMTA Announces 2003 Annual Emerging Markets Credit Derivatives Stood at US$197 Billion.  

April 16, 2004

English Translation of the Law on the Official Currency of the Republic of Turkey (effective 01/01/05).  

April 14, 2004

EMTA Announces 2003 Annual Emerging Markets NDF Trading Stood at US$1.021 Trillion.  

February 18, 2004

EMTA Announces NDF Market Practice 33, Publishes BRL Revised Template Terms for BRL Non-Deliverable FX Transactions, Amended BRL Settlement Rate Options for Annex A, New BRL Industry Survey Rate Methodology and New BRL Indicative Survey Rate Methodology. 

January 15, 2004

Korean Government Authorities Announce Restrictions Limiting USD Positions By Local Financial Institutions To 110% of Jan. 4 Levels In an Effort To Curb Speculative Activity in the Korean Won. Some Impact on KRW/USD NDF Market Predicted.

December 2, 2003

Amendment to Korean Won Rate Source Definitions Published by EMTA, ISDA and the FXC. 

November 21, 2003

Quarterly NDF and EM Credit Derivatives Surveys Suspended Pending Further Development. 

October 15, 2003

The Central Bank of Thailand Imposes Further Capital Controls on the Thai Baht. 

September 15, 2003

Effective September 12, 2003 The Bank of Thailand Imposes Capital Controls in Respect of the Thai Baht. 

August 18, 2003

EMTA Announces 2Q 2003 NDF Volumes at US$320 Billion; Credit Derivatives at US$49 Billion.  

Fiscal Agent Notice that No Collateral Remains for Interest Payments on Argentina’s Par Bonds (Including May 31, 2003 Interest Payment).  

June 23, 2003

EMTA publishes its NDF Market Practice No. 32 extending the "Drop-dead Date" from 8 to 30 days for Non-Deliverable FX and Currency Option Transactions in Various Latin American Currencies. Members Only can view this NDF Market Practice by Clicking Here. 

May 21, 2003

EMTA Issues New NDF Market Practice for VEB/USD Non-Deliverable FX and Currency Option Transactions.  

May 14, 2003

EMTA Announces 1Q 2003 Debt Trading Volume Stood at US$839 Billion; NDF Volume at US$174 Billion; EM Credit Derivatives Volume at US$23 Billion.  

Costa Rica Announces Redemption of All Outstanding Series A 6 1/4% Bonds Due 2010. 

May 1, 2003

EMTA, with the Assistance of the Participating Banks, Successfully Launched its Automated Version of the ARS Industry Survey on April 23, 2003. CLICK HERE for Daily and Historical Survey Results and Reference Bank Quotes.

March 21, 2003

EMTA Issues New NDF Market Practice for Chilean Peso/U.S. Dollar Non-Deliverable FX and Currency Option Transactions.  

March 3, 2003

Amendment to Annex A Taiwanese Dollar Rate Source Definition.  

February 6, 2003

The Gaceta Oficial de la Republica Bolivariana de Venezuela Dated February 5, 2003 Publishes New Regulations Establishing a New Foreign Exchange Regime in Venezuela Centralizing the Buying and Selling of Foreign Exchange with the Banco Central de Venezuela, Fixing an Official VEB/USD Exchange Rate and Establishing a New Administration (CADIVI) to Administer the New Regime and to Issue Implementing Regulations.

January 28, 2003

EMTA Issues New VEB NDF Market Practice.  

December 20, 2002

Amendments to Annex A Argentine Peso Settlement Rate Options; Adoption of revised EMTA Template Terms for ARS Non- Deliverable FX Transactions; Revision of EMTA ARS Industry Survey Methodology; and Adoption of a new EMTA ARS Indicative Survey Rate Methodology.  

April 23, 2002

New ARS Market Practice and Template Terms for a 30-Day Deferral Period.  

February 11, 2002

NDF Market Practice for Argentina NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here. 

January 11, 2002

CME/EMTA ARS Industry Survey Rate is Available in the Activities & Services, Market Data, CME/EMTA ARS Industry Survey Rate Area.

NDF Market Practice for Settlement of Outstanding Argentine NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here. 

January 9, 2002

NDF Market Practice for Argentina NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here. 

January 2, 2002

NDF Market Practice for Deferral of Valuation Dates.  

December 31, 2001

New NDF Market Practice for Deferral of December 21, 2001 Valuation Date to January 2, 2002.  

December 21, 2001

Unscheduled Holiday Declared by Argentina - Members Only can View NDF Market Practices Relating to this Event by Clicking Here.  

October 31, 2001

The revised EMTA Template Terms for TWD/USD NDFs, and the related NDF Market Practice, dated and effective November 1, 2001 are available to Members only in Standard Documentation, FX/Derivatives Documentation Index and NDF Market Practices, respectively.  

October 29, 2001

Hong Kong MPC Supports EMTA NDF Template Terms. 

September 14, 2001

SFEMC Statement Re: 9/12 TWD Fixing Rates. 

July 10, 2001

EMTA, ISDA and FX Committee announce new and amended Argentine Peso rate source definitions in Annex A to the 1998 FX and Currency Option Definitions.  

Argentine Peso NDF Market Practice, Template Terms and ARS Methodology are now final and effective.

June 20, 2001

EMTA, ISDA and FX Committee announce amendments to Korean Won rate source definitions in Annex A to the 1998 FX and Currency Option Definitions.  

April 27, 2001

Drafts of the ARS NDF Template Terms and CME/EMTA ARS Methodology Summary are now available. (The procedures for requesting the ARS Methodology and conducting the ARS Industry Survey are also provisionally in place.) Members only may access these documents in Standard Documentation, FX/Derivatives Index. 

February 6, 2001

EMTA Endorses FX Committee press release on Indonesian Rupiah.  

February 5, 2001

EMTA Template Terms for CNY/, INR/, KRW/, PHP/ and TWD/USD NDFs, and related NDF Market Practices, are dated and effective as of today. Asia Reference Dealer "Reference" List also available.  

October 23, 2000

Market Practice and New EMTA Template Terms for Brazilian Real NDFs.  

October 2, 2000

Recommended NDF Market Practices now available. 

September 22, 2000

Revised Annex A to the 1998 FX and Currency Option Definitions.  

May 26, 2000

EMTA Announces Current & Historical CME/EMTA Ruble Rates Now Available on the EMTA Website. 

May 11, 2000

First Drafts of EMTA Template Terms for Asia-Specific NDF Transactions.
Final Template Terms are available by Clicking Here.  

March 14, 2000

EMTA, ISDA and FX Committee Announce Addition of New Brazilian Real Rate Source Definition.  

February 8, 2000

EMTA TEMPLATE TERMS for BRL Non-Deliverable FX Transactions.