Introduction

Find out how SFEMC's Indicative Survey Rate Methodology works as a fallback reference price for NDF currency settlements during price source disruptions.

Last updated on 18 March 2026

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:

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:

SFEMC – SFEMC_SURVEY@mas.gov.sg;
ABS Co. – absCo@abs.org.sg; and
Refinitiv – IndicativeRateSurvey@lseg.com

with subject: “SFEMC Indicative Survey: Price Disruption in ” 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

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

TEST RUNS – Indicative Survey Rates

*"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 (opens in new tab) 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]