NDF (Non-Deliverable Forward)

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A Non-Deliverable Forward (NDF) is a forward exchange contract that is a cash-settled, usually short-term forward contract. A NDF is a two-party currency derivatives contract to exchange cash flows between the NDF and prevailing spot rates in which the difference between the contract rate and fixing rate is settled in a specified currency at maturity. A NDF is used in various markets such as foreign exchange and commodities.

Related Definitions in the Project: The Commercial Definitions 

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