NDF交易实务及其风险

NDF trading convention and related risk

非交割远期（NOF）是场外交易的外汇衍生产品，对NDF的需求源于标的货币的监管、流动性和风险问题。该文概括了NDF交易的一般规则。指出投资者在有效控制信用风险和流动性风险的同时，还应意识到定盘汇率与实际汇率的差异。以及标的货币可兑换性的变化对目标价值的影响。

A Non-Deliverable Forward （NDF） is a foreign exchange derivative product traded over the counter. Demand for NDFs arises out of regulatory, liquidity and risk issues in underlying currencies. After introducing NDF trading convention, this paper points out that while controlling credit risk and liquidity risk efficiently, investors should also note that the NDF fixing rate and the actual conversion rate of the underlying physicals may not be the same, and changes to convertibility of underlying currency can impact NDF value.