Global Preamble
Blue Book
FX Global Code
Unnamed Principal Trading
SFEMC Indicative Surveys
SFEMC Indicative Surveys


The template terms for non-deliverable forwards for certain currencies published by the Singapore Foreign Exchange Market Committee (SFEMC), EMTA, Inc. (EMTA), and The Foreign Exchange Committee ("FXC"), incorporate certain disruption fallbacks in the event of a price source disruption. These disruption fallbacks include the fallback reference price of SFEMC Indicative Survey Rate.

TThe SFEMC currently sponsors the following indicative survey rate methodologies (each an Indicative Survey Rate Methodology) to calculate such fallback reference prices:

  1. SFEMC CNY Indicative Survey Rate Methodology
  2. SFEMC IDR Indicative Survey Rate Methodology
  3. SFEMC INR Indicative Survey Rate Methodology
  4. SFEMC KRW Indicative Survey Rate Methodology
  5. SFEMC MYR Indicative Survey Rate Methodology
  6. SFEMC PHP Indicative Survey Rate Methodology
  7. SFEMC TWD Indicative Survey Rate Methodology

The Indicative Survey Rate Methodology is an effort by SFEMC to provide a fallback reference price for an orderly settlement across markets in the event of a price source disruption. SFEMC grants to every market participant a non-exclusive, non-transferable, worldwide, royalty-free right and license to use the Indicative Survey Rate Methodology, together with any indicative survey rate (Indicative Survey Rate) calculated under such Indicative Survey Rate Methodology, and to incorporate such Indicative Survey Rate Methodology into their relevant contracts, provided that such market participant shall not profit from further licensing of the license granted. However, each market participant remains responsible for considering their own documentation and the specific terms of their own trades. SFEMC assumes no liability of any nature whatsoever in connection with or as a result of any party relying on the Indicative Survey Rate Methodology or any Indicative Survey Rate.

Every market participant who decides to use and rely on the Indicative Survey Rate Methodology and any Indicative Survey Rate shall be deemed to have agreed to, and shall comply with, the terms as set out herein (as such terms may be amended from time to time).

Please note that the Indicative Survey Rate Methodology is not intended to be a replacement benchmark in the event of a permanent discontinuation of any price source benchmark. The Indicative Survey Rate Methodology is designed to mitigate market and trading risks associated with a temporary price source disruption. Without appropriate contractual fallbacks, a price source disruption could lead to disorderly settlement in the financial markets or even frustration of contracts.

In the case of a permanent discontinuation of a price source benchmark, SFEMC may, in consultation with market participants, and where feasible and appropriate, recommend that market participants migrate to an alternative price source benchmark. If SFEMC does not reach a consensus on a feasible or appropriate alternative price source benchmark , the SFEMC may, within 30 days of such an announcement of permanent discontinuation of a price source benchmark (or such period as determined by SFEMC in consultation with market participants), recommend that market participants bilaterally agree to early terminate existing transactions.


In the event that SFEMC (itself or through a service provider) wishes to determine an Indicative Survey Rate for a relevant currency, financial institutions that are active participants in the relevant currency pair and included in the List of Participating Banks will be surveyed in accordance with the relevant Indicative Survey Rate Methodology (as updated, revised or supplemented from time to time). SFEMC (or its service provider) shall use all reasonable efforts to conduct the survey. However, the above financial institutions are under no legal or contractual obligation to respond to the survey. As such, SFEMC provides no assurance whatsoever that the Indicative Survey Rate Methodology will result in an indicative survey rate being determined.

SFEMC (and any service provider SFEMC may select) disclaims liability for each and every Indicative Survey Rate Methodology and all rates, results or responses (if any) produced by such Indicative Survey Rate Methodology, and no representation or warranty, express or implied, is made concerning any Indicative Survey Rate (including, without limitation, the methodology for determining the relevant Indicative Survey Rate) and its suitability for any particular use.

SFEMC shall be entitled to amend, modify, update, terminate or supplement any Indicative Survey Rate Methodology (whether in whole or in part) (Amendments) without prior notification to market participants. However, SFEMC shall endeavour to provide reasonable notice of such Amendments to the relevant industry bodies in order to reduce any disruption in the market.

[12 October 2017]
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Past Press Releases Related Documentation
SFEMC Indicative Survey Test Runs

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