NDF - Non deliverable forward

Japanese: NDF - えぬでぃーえふ/NDF（英語表記）non deliverable forward

A type of foreign exchange futures transaction in the broad sense. The difference calculated based on the difference between the contracted exchange rate and the reference rate (reference rate: the parties agree in advance on which reference rate to use. It is often the spot rate of the currency against the dollar at a specific time in the domestic foreign exchange market) and the notional principal is converted into a major currency such as the US dollar and then delivered. It has the same economic effect as foreign exchange outright forward transactions and foreign exchange swap transactions, and is used as a hedge against foreign exchange risk or as a speculative tool. In normal foreign exchange outright forward transactions, the currency pair is actually delivered on the due date, but in NDFs, the principal is not delivered, and only the difference between the contracted rate and the reference rate is delivered. It is used when strict foreign exchange controls are imposed on the currency and non-residents cannot freely move the currency offshore, or when the offshore foreign exchange market for the currency is not deep. It was widely used for Latin American currencies in the 1990s, and its use spread to Asian currencies around the time of the currency crisis.

(Naoyoshi Kinukawa, Director of Economic Research, Institute for International Monetary Affairs / 2007)

Source : "Chiezo" published by Asahi Shimbun Publications Co., Ltd. About Chiezo

Japanese:

広義での外国為替先物取引の一種。約定為替相場と参照相場(reference rate。当事者間であらかじめどの参照相場を用いるか合意しておくもの。国内為替市場での特定時点での当該通貨の対ドル直物相場とすることが多い)の差及び想定元本により計算した差額を、米ドル等の主要通貨に換算して、その受け渡しを行う取引。為替アウトライト・フォワード取引、為替スワップ取引と同様の経済効果を持ち、為替リスクのヘッジあるいは投機手段として用いられる。通常の為替アウトライト・フォワード取引では、実際に期日に当該通貨ペアの受け渡しを行うが、NDFでは元本部分の受け渡しを行わず、約定相場/参照相場の差額部分の受け渡しのみを行う。当該通貨について強力な為替管理が敷かれ、非居住者が当該通貨をオフショアで自由に移動できない場合や、当該通貨のオフショア為替市場が厚みに欠ける場合等に利用される。1990年代に入って中南米通貨で盛んに用いられ、通貨危機前後よりアジア諸国通貨でも利用が広がった。

(絹川直良国際通貨研究所経済調査部長／ 2007年)

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