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无本金交割远期(NDF)是一种主要用于交易不可自由兑换或受管制货币的远期合约。与到期时需实物交割标的货币的传统远期合约不同,NDF采用现金结算方式。这意味着在合约到期时,仅需根据协议NDF汇率与到期日即期汇率之间的差额计算盈亏,并由一方向另一方支付该差额,不涉及名义本金的实物交割。

NDF的核心特性与功能

作为外汇市场中管理受管制货币及不可自由兑换货币风险敞口的重要工具,NDF具有以下关键特征:

场外交易(OTC)机制—NDF通过场外市场由交易双方(通常是金融机构与其客户)私下协商达成。这种非交易所集中交易的模式使得合约条款可根据需求灵活定制。

合约条款可定制化—NDF的具体条款由交易双方共同议定,主要包括:

货币对—交易涉及的两种货币(如美元/人民币、美元/印度卢比)

名义本金—仅用于计算现金结算金额的合约基准金额

NDF汇率—合约订立时约定的远期汇率

定价日—观测官方即期汇率(通常采用央行公布汇率或特定市场汇率)以计算结算金额的日期

结算日—实际支付现金结算盈亏的日期

现金结算机制—NDF的核心特征体现在现金结算方式。在定价日,将预先约定的NDF汇率与官方即期汇率进行比对,其差额乘以名义本金后得出的金额,通常以自由兑换货币(如美元或欧元)由一方向另一方完成支付。

对冲与投机功能—跨国企业和投资者广泛运用NDF对冲不可自由兑换货币的汇率风险,且无需进行实物货币交换。同时,投机者也通过NDF对受管制货币的预期汇率波动进行方向性交易。

受限市场准入通道—NDF为新兴市场货币提供了重要的合成风险敞口管理工具。这些货币往往存在资本管制或难以直接在场内即期市场交易,国际参与者可通过NDF管理货币风险或表达对相关市场的汇率观点。

综上所述,无本金交割远期作为关键金融衍生工具,通过现金结算机制为全球外汇市场参与者提供了管理非自由兑换货币风险、获取相关敞口的灵活而高效的途径。

东证期货国际(新加坡)简介

东证期货国际(新加坡)私人有限公司是上海东证期货有限公司的直属全资子公司,也是东方证券股份有限公司的间接控股子公司。作为持有新加坡金融管理局(MAS)颁发的《资本市场服务许可证》的机构,我司提供全方位资本市场服务,涵盖证券、场内衍生品、场外衍生品及杠杆外汇等多类产品。东证期货新加坡是亚太交易所、新加坡衍生品交易所以及洲际新加坡交易所的交易和清算会员,为客户提供覆盖国际市场的综合交易服务。

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