Investments glossary

Non-Deliverable Forward (NDF)

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Quotes of the day:

Better stop short than fill to the brim. Oversharpen the blade, and the edge will soon blunt. Amass a store of gold and jade, and no one can protect it. Claim wealth and titles, and disaster will follow. Retire when the work is done. This is the way of heaven.

— Tao Te Ching

A non-deliverable forward (NDF) is a cash-settled, and usually short-term, forward contract. The notional amount is never exchanged, hence the name non-deliverable. Two parties agree to take opposite sides of a transaction for a set amount of money – at a contracted rate, in the case of a currency NDF. This means that counterparties settle the difference between contracted NDF price and the prevailing spot price. The profit or loss is calculated on the notional amount of the agreement by taking the difference between the agreed-upon rate and the spot rate at the time of settlement.

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