Fully disclosed streaming of non-deliverable forwards and swaps.

What they are

Non-Deliverable Forwards (NDFs) and Non-Deliverable Swaps (NDS) differ from regular forward and swap products in that the underlying currencies are not exchanged. Instead the trades are cash settled in the primary currency, typically USD, although other currencies are sometimes used as well.

FXSpotStream^® is one of the few services that allows clients fully disclosed NDF and NDS streaming of prices, with all 19 Liquidity Providers.

NDF/NDS support was added to the Service on 17 FEB 2017.

How you access them

Clients have the option of accessing both NDF and NDS products via one or both of the execution types available on the Service, for standard tenors as well as broken dates.

Streaming

Executable Streaming Prices, the same protocol the Service uses for FX.

RFS

Request for Streams. Clients can take one execution type or both.

Tenors

Standard tenors as well as broken dates.

Disclosure

Fully disclosed, between counterparties that already have a trading relationship.

Both execution types reach the same desks over the same connection: the single FIX API or the browser GUI, where NDF/NDS sits on one screen alongside FX Spot, Outright Forwards, Swaps and Precious Metals.

Currency coverage

A wide range of NDF/NDS currency pairs are already supported on the Service, typically Asian and South American currency pairs. FXSpotStream will support all currency pairs that our Liquidity Providers will stream, so enquiries about additional pairs are welcome.

NDF algos

The Service supports both Spot and NDF algos, drawn from the algo suites of the FXSpotStream Liquidity Providers and reached over the connection a client already has. FSS does not charge clients a fee to access the algos of any of its Liquidity Providers.