• Non-Deliverable Forwards (NDFs)
    to manage FX exposures

    Trading non-convertible
    currency markets just got easier
    open account

Access to Emerging Markets

Addressing the evolving demand of FX traders, we offer NDFs for 10 Asian and Latin American currencies that face restrictive capital controls and that are not accessible in the spot market from offshore investors. A unique offering traded on an RFQ basis.

Flexible trade size

With a minimum of USD 500,000 and a maximum Net Open Position per currency capped at notional USD 5 - 50m, trading NDFs on emerging market currencies is no longer just a bank service for institutional investors.

Risk managed exposures

An initial 8% margin requirement for all currency pairs is stipulated to protect clients from short term volatility, plus research and views direct from our Sales Traders and more sources around the globe to keep you on top of your trades.

Traded Offline, through the same
multi-asset account

NDFs are traded Offline on an RFQ basis. Clients with a dedicated Private Account Manager or Sales Trader may access this offering.

Through our competitive pricing, clients now have the opportunity to get exposure in the different currencies where NDFs are traded.

See all trading conditions

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Saxo offers NDFs for the following currencies

Chinese Renminbi
(Onshore Yuan)
Indonesian Rupiah
Indian Rupee
South Korean Won
Philippines Peso
Taiwan Dollar

Brazilian Real
Chilean Peso
Colombian Peso
Peruvian Nuevo Sol

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Product Risk

Saxo Capital Markets is required to categorise investment products offered to retail clients depending on the product's complexity and risk as: green, yellow or red.

A Non-Deliverable Forwards is categorised as a red product as it is considered an investment product with a high complexity and a high risk. Please see the "Product Risk Categorisation".

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