SFEMC Indicative Surveys


Introduction

The template terms for non-deliverable forwards for certain currencies published by the Singapore Foreign Exchange Market Committee (“SFEMC”) and EMTA, Inc. (“EMTA”), 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.

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

SFEMC CNY Indicative Survey Rate Methodology

SFEMC IDR Indicative Survey Rate Methodology

SFEMC INR Indicative Survey Rate Methodology

SFEMC KRW Indicative Survey Rate Methodology

SFEMC MYR Indicative Survey Rate Methodology

SFEMC PHP Indicative Survey Rate Methodology

SFEMC TWD Indicative Survey Rate Methodology

SFEMC Indicative Survey Best Practice Guide


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.

Leveraging on market participants’ knowledge of and activities in the various onshore markets, market participants are encouraged to report any price disruption in the respective onshore market relating to each of the seven NDF currencies as and when it occurs i.e. on each day that a disruption is observed. This is to be done via electronic mail to all of the following:

with subject: “SFEMC Indicative Survey: Price Disruption in <Insert Non-Deliverable Currency (ND CCY)>” and shall include the following information:

  • the specific price disruption(s) – currency pair, price source, the reason for the disruption if it is made known;
  • date when the price disruption(s) first occurred;
  • number of day(s) that the primary price source(s) has/have been observed to be disrupted; and
  • any other relevant information that the market participant deems useful for SFEMC, ABS Co., and Refinitiv to consider.

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.

Market participants may access the Indicative Survey Rates and Anonymised Contributions during an actual activation and test run of the Indicative Survey on Refinitiv and/or Bloomberg platforms below.

SFEMC Indicative Survey Rates and Anonymised Contributions will also be published on this page, on the next Singapore business day (or as soon thereafter as practicable) after the Indicative Survey Rates are published on Refinitiv and/or Bloomberg platforms.

Refinitiv Platform (as of January 2022)

ACTUAL ACTIVATION – Indicative Survey Rates

CurrencyCodeDescription
ALLSFEMCNDISR=This is a tile where all the currencies are consolidated into a single view.
CNYSFEMCNDISRCNY=This is a RIC where the CNY Indicative Rate is displayed with the publication date and time.
IDRSFEMCNDISRIDR=This is a RIC where the IDR Indicative Rate is displayed with the publication date and time.
INRSFEMCNDISRINR=This is a RIC where the INR Indicative Rate is displayed with the publication date and time.
KRWSFEMCNDISRKRW=This is a RIC where the KRW Indicative Rate is displayed with the publication date and time.
MYRSFEMCNDISRMYR=This is a RIC where the MYR Indicative Rate is displayed with the publication date and time.
PHPSFEMCNDISRPHP=This is a RIC where the PHP Indicative Rate is displayed with the publication date and time.
TWDSFEMCNDISRTWD=This is a RIC where the TWD Indicative Rate is displayed with the publication date and time.

ACTUAL ACTIVATION – Anonymised Contributions

CurrencyCodeDescription
ALLSFEMCNDISR=<nn>This is a tile where all the currencies are consolidated into a single view.
CNYNDISRCNY=<nn>This is a RIC where the CNY Indicative Rate is displayed with the publication date and time.
IDRNDISRIDR=<nn>This is a RIC where the IDR Indicative Rate is displayed with the publication date and time.
INRNDISRINR=<nn>This is a RIC where the INR Indicative Rate is displayed with the publication date and time.
KRWNDISRKRW=<nn>This is a RIC where the KRW Indicative Rate is displayed with the publication date and time.
MYRNDISRMYR=<nn>This is a RIC where the MYR Indicative Rate is displayed with the publication date and time.
PHPNDISRPHP=<nn>This is a RIC where the PHP Indicative Rate is displayed with the publication date and time.
TWDNDISRTWD=<nn>This is a RIC where the TWD Indicative Rate is displayed with the publication date and time.

*<NN> refers to the random two (2) digit number assigned to each Participating Bank.

TEST RUNS – Indicative Survey Rates

CurrencyCodeDescription
ALLTSFEMCNDISR=This is a tile where all the test currencies are consolidated into a single view.
CNYTSFEMCNDISRCNY=This is a RIC where the test CNY Indicative Rate is displayed with the publication date and time.
IDRTSFEMCNDISRIDR=This is a RIC where the test IDR Indicative Rate is displayed with the publication date and time.
INRTSFEMCNDISRINR=This is a RIC where the test INR Indicative Rate is displayed with the publication date and time.
KRWTSFEMCNDISRKRW=This is a RIC where the test KRW Indicative Rate is displayed with the publication date and time.
MYRTSFEMCNDISRMYR=This is a RIC where the test MYR Indicative Rate is displayed with the publication date and time.
PHPTSFEMCNDISRPHP=This is a RIC where the test PHP Indicative Rate is displayed with the publication date and time.
TWDTSFEMCNDISRTWD=This is a RIC where the test TWD Indicative Rate is displayed with the publication date and time.

TEST RUNS – Anonymised Contributions

CurrencyCodeDescription
ALLTSFEMCNDISR=<nn>This is a tile where all the test currencies are consolidated into a single view.
CNYTNDISRCNY=<nn>This is a RIC where the test CNY Indicative Rate is displayed with the publication date and time.
IDRTNDISRIDR=<nn>This is a RIC where the test IDR Indicative Rate is displayed with the publication date and time.
INRTNDISRINR=<nn>This is a RIC where the test INR Indicative Rate is displayed with the publication date and time.
KRWTNDISRKRW=<nn>This is a RIC where the test KRW Indicative Rate is displayed with the publication date and time.
MYRTNDISRMYR=<nn>This is a RIC where the test MYR Indicative Rate is displayed with the publication date and time.
PHPTNDISRPHP=<nn>This is a RIC where the test PHP Indicative Rate is displayed with the publication date and time.
TWDTNDISRTWD=<nn>This is a RIC where the test TWD Indicative Rate is displayed with the publication date and time.

*<NN> refers to the random two (2) digit number assigned to each Participating Bank.

Bloomberg Platform (as of January 2022)

Bloomberg Ticker: SFMC <GO>

 

DISCLAIMERS:

The Template Terms for non-deliverable forwards for various currency pairs published by the Singapore Foreign Exchange Market Committee (“SFEMC”) and EMTA, Inc. (“EMTA”) are set forth below. Please note that the Template Terms are not intended to be a substitute for a confirmation, but are intended to reflect market consensus on material non-trade terms that may be incorporated into a trade confirmation, unless otherwise agreed by the parties. Market participants are welcome to incorporate the Template Terms for any currency pair into their trade confirmations or may agree on different terms.

SFEMC disclaims liability for any use made of any of the Template Terms by any market participant, and no representation or warranty, express or implied, is made concerning the terms, their enforceability or suitability for use in connection with any particular transaction. Market participants are advised to consult their own legal and other experts and to make their own determinations regarding these matters.

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.

[01 November 2021]

. . . . .

 

Past Press Releases

SFEMC Statement on USD/IDR spot rate benchmark

The Singapore Foreign Exchange Market Committee (SFEMC), EMTA, Inc. and the New York Foreign Exchange Committee are pleased to announce the publication of updated documentation for non-deliverable foreign exchange transactions for the Malaysian Ringgit (MYR). The effective date of the amendment is 15 July 2005 and is available for market participants to agree to on a bilateral basis.

Announcement (pdf, 2 pages)

Addendum to the 2004 Asian Currency Non-Deliverable FX Documentation (pdf, 11 pages)

MYR Template Terms (pdf, 4 pages)

MYR Rate Source Definitions (pdf, 1 page)

MYR Survey Methodology(pdf, 3 pages)

The SFEMC, EMTA, and FXC initial Documentation for Non-Deliverable Foreign Exchange Transactions for Six Asian Currencies in 1 Nov 2004

The Singapore Foreign Exchange Market Committee (SFEMC), EMTA, Inc. and the New York Foreign Exchange Committee, acting as co-sponsors, are pleased to announce the publication of updated documentation for non-deliverable foreign exchange transactions for six Asian currencies.

The Tokyo Foreign Exchange Committee and the Treasury Markets Forum of Hong Kong support the co-sponsors in their publication of the updated documentation for the benefit of market participants.

In addition, for the convenience of their constituents and the marketplace, EMTA and the SFEMC will sponsor the signing of a multilateral amendment for their members and other market participants who wish to amend their outstanding contracts to incorporate the new template terms.

For these institutions who wish to participate, information pertaining to the multilateral amendment for such currencies may be found on the websites of EMTA and the Singapore Institute of Banking and Finance (IBF), which is administering the amendment on behalf of the SFEMC. The effective date of the amendment is December 1, 2004, whether the amendment is signed before or after the date.


The SFEMC, EMTA, and FXC Announce Updated Documentation for Non-Deliverable Foreign Exchange Transactions for Six Asian Currencies (pdf, Press Release 2 pages)

User's Guide and 2004 Asian Currency Non-Deliverable FX Documentation (pdf, 65 pages)

Chinese Renminbi Template Terms (pdf, 4 pages)

Indonesian Rupiah Template Terms (pdf, 4 pages)

Indian Rupee Template Terms (pdf, 4 pages)

Amended Rate Source Definition (pdf, 1 page) wef 15 July 2005

Korean Won Template Terms (pdf, 4 pages)

Philippine Peso Template Terms (pdf, 4 pages)

Taiwanese Dollar Template Terms (pdf, 4 pages)

The SFEMC Indicative Survey Rate Methodologies for Six Asian Currencies (pdf, 18 pages)

Please download the list of Financial Institutions that have signed the multilateral amendment here

 
Related NDF Templates and Documentation

1 Nov 2021: Template Terms for CNY/USD Non Deliverable FX Transactions (current)

17 May 2006: Template Terms for CNY/USD Non Deliverable FX Transactions

  • 4 Mar 2014: IDR Benchmark Changes

SFEMC Statement

SFEMC Explanatory Note

Multilateral Amendment Agreement (IDR-MAA) (Updated Mar 4, 2014)

Multilateral Amendment Agreement (IDR-MAA) - Signature Page (Updated Mar 4, 2014)

Bilateral Amendment Agreement (IDR-BAA) (Updated Mar 4, 2014)

Suggested form of letter to wholesale customers (Updated Mar 4, 2014)

Extension of IDR-MAA Submission Deadline (Updated Mar 26, 2014)

  • Other related documentations

1 Nov 2021: Template Terms for IDR/USD Non-Deliverable FX Transaction (current)

5 Apr 2021: Template Terms for IDR/USD Non-Deliverable FX Transaction

4 Mar 2014: Template Terms for IDR/USD Non-Deliverable FX Transaction

4 Mar 2014: IDR Indicative Survey Methodology

6 Aug 2013: Template Terms for IDR/USD Non-Deliverable FX Transaction

6 Aug 2013: IDR Indicative Survey Methodology

1 Nov 2021: Template Terms for INR/USD Non Deliverable FX Transactions (current)

10 July 2018: Template Terms for INR/USD Non Deliverable FX Transactions

25 Oct 2006: New and Amended Rate Source Definition for Indian Rupee

17 May 2006: Template Terms for INR/USD Non-Deliverable FX Transaction

1 Nov 2021: Template Terms for KRW/USD Non Deliverable FX Transactions (current)

1 Nov 2021: Template Terms for MYR/USD Non-Deliverable FX Transaction (current)

6 Aug 2013: Template Terms for MYR/USD Non-Deliverable FX Transaction

6 Aug 2013: MYR Indicative Survey Methodology (current)

17 May 2006: MYR/USD NDF Template Terms and Survey Rate Methodology

1 July 2005: Template Terms for MYR/USD Non-Deliverable FX Transaction

1 July 2005: MYR Survey Methodology

1 Nov 2021: Template Terms for PHP/USD Non Deliverable FX Transactions (current)

1 April 2018: Template Terms for PHP/USD Non Deliverable FX Transactions

29 March 2018: Recommended FX and Currency Derivatives Market Practice on Revisions to PHP/USD Rate Source Definition (current)

25 Oct 2006: Template Terms for PHP/USD Non Deliverable FX Transaction

25 Oct 2006: New and Amended Rate Source Definition for Philippine Peso/p>

1 Nov 2021: Template Terms for TWD/USD Non Deliverable FX Transactions (current)

17 May 2006: Template Terms for TWD/USD Non Deliverable FX Transactions

  • Past Documentations for PKR/USD NDF 

19 Sep 2008: Template Terms for PKR/USD Non-Deliverable FX Transaction (no longer in use)

14 July 2008: PKR/USD NDF Template Terms and Survey Rate Methodology (no longer in use)

  • Past Documentations for VND/USD NDF

14 July 2008: VND/USD NDF Template Terms and Survey Rate Methodology (no longer in use)

25 Oct 2006: Updated User's Guide

17 May 2006: Updated User's Guide

1 Nov 2004: User's Guide

 
SFEMC Indicative Survey Test Runs

  • 28 Jan 2022: SFEMC TWD Indicative Survey discontinued as onshore price source is available for the determination of a settlement rate. No TWD Indicative Survey Rate published.

  • 28 Jan 2022: SFEMC IDR Indicative Survey discontinued as onshore price source is available for the determination of a settlement rate. No IDR Indicative Survey Rate published.

27 Jan 2022: SFEMC TWD Indicative Survey

27 Jan 2022: SFEMC IDR Indicative Survey

26 Jan 2022: SFEMC TWD Indicative Survey

26 Jan 2022: SFEMC IDR Indicative Survey

10 Mar 2004: Polling Banks List

9 Mar 2004: Polling Banks List

8 Mar 2004: Polling Banks List

10 Mar 2004:Rates at 11am Singapore Time

9 Mar 2004: Rates at 11am Singapore Time

8 Mar 2004: Rates at 11am Singapore Time