Non Deliverable Forwards
Accurate pricing for Non-Deliverable Forward (NDFs) Curves
NDFS is NCFX's Non-Deliverable Forward Curve solution, delivering real-time and historical NDF market data directly to your trading systems.
What It Does
NDFS provides live streaming data across 17 currency pairs for forward standard tenors out to one year. Broken dates currently use the market standard interpolation method. Historical data from January 2016 is available for trend analysis, back-testing, and model validation. NDFS Daily Fixings will be launched shortly.
What It Will Do for You
Our Data can be used to centralize all your NDF data requirements in one reliable platform, eliminating multiple data sources and reducing operational complexity.
You can make confident trading decisions with comprehensive market coverage and seamless integration into your existing infrastructure using your preferred method.
We work with our clients when they have a particular data requirement to give them what they need.
Technical Details
Coverage
-
17 currency pairs
-
Forward tenors out to 1 year
-
Historical data from January 2016
-
NDF Daily Fixings (coming soon)
Access Methods
-
FIX API
-
WebSockets
-
RESTful API
-
Client Web Portal
.png)
Case Study
Digital Vega is a leading provider of OTC FX option trading and workflow tools. Established in 2009, Digital Vega works with a wide group of buy-side clients covering hedge funds, private and regional banks, asset managers and agency brokers.
DVNC Options Cut: Automated Option Expiries.
Following significant buy-side demand for a solution to enable automation of the option expiry process, NCFX partnered with Digital Vega to introduce the DVNC Options Cut as a regulated benchmark Published for 84 expiries spanning the Tokyo, London, New York, Budapest, and Warsaw cuts, the DVNC Options Cut uses NCFX’s regulated mid-rate to provide the market with a neutral and transparent rate to determine the correct expiry rate.
The benchmark was launched in Q1 2020.
In the Press
Testimonials
Contact
Accurate pricing for Non-Deliverable Forward (NDFs) Curves
NDFS is NCFX's Non-Deliverable Forward Curve solution, delivering real-time and historical NDF market data directly to your trading systems.
What It Does
NDFS provides live streaming data across 17 currency pairs for forward standard tenors out to one year. Broken dates currently use the market standard interpolation method. Historical data from January 2016 is available for trend analysis, back-testing, and model validation. NDFS Daily Fixings will be launched shortly.
What It Will Do for You
Our Data can be used to centralize all your NDF data requirements in one reliable platform, eliminating multiple data sources and reducing operational complexity.
You can make confident trading decisions with comprehensive market coverage and seamless integration into your existing infrastructure using your preferred method.
We work with our clients when they have a particular data requirement to give them what they need.
Technical Details
Coverage
-
17 currency pairs
-
Forward tenors out to 1 year
-
Historical data from January 2016
-
NDF Daily Fixings (coming soon)
Access Methods
-
FIX API
-
WebSockets
-
RESTful API
-
Client Web Portal
Forwards &
Non Deliverable Forwards
Case Study
Digital Vega is a leading provider of OTC FX option trading and workflow tools. Established in 2009, Digital Vega works with a wide group of buy-side clients covering hedge funds, private and regional banks, asset managers and agency brokers.
DVNC Options Cut: Automated Option Expiries.
Following significant buy-side demand for a solution to enable automation of the option expiry process, NCFX partnered with Digital Vega to introduce the DVNC Options Cut as a regulated benchmark Published for 84 expiries spanning the Tokyo, London, New York, Budapest, and Warsaw cuts, the DVNC Options Cut uses NCFX’s regulated mid-rate to provide the market with a neutral and transparent rate to determine the correct expiry rate.
The benchmark was launched in Q1 2020.
Insights
Testimonials
Contact
Case Study
Global investors seeking to hedge foreign currency exposures typically buy forward contracts. While effective, this strategy introduces cost and execution challenges:
Inefficient month-end rolls – A popular practise for rolling hedges is to use the month-end date. Market participants have typically crowded into this date where they are often met with skewed pricing and wider bid/offer spreads. The practise was initially driven by the pursuit of operational efficiency in an analogue world. In the information vacuum of poor forwards data, the operational benefits were obvious, and the costs were hidden. That changed when we introduced our Forwards365 data.
.png)
24/7 FX from Crypto Feed
“NCFX Forwards365™ provides an independent view of the curve to aide in pre-trade price discovery and optimal date selection when rolling positions. Their data adds value in our process and helps give us increasing clarity into where the market is trading.”
- Eric Brown T.Rowe Brown (FX Trader)
High-quality 24x7 FX reference rates derived from crypto–fiat markets, designed for transparency, continuity, and institutional confidence
24x7 FX from Crypto Feed
-
Continuous FX pricing for major and emerging market currencies
-
Available 24 hours a day, 7 days a week
-
Designed to provide FX signals during weekends, holidays, and off-market hours
Fiat Currencies (Initial Coverage)
-
AED, ARS, AUD, BRL, CAD, CHF, EUR, GBP, JPY, KRW, MXN, PLN, RON, SGD, TRY, UAH, ZAR
-
Additional currencies added as liquidity and client demand emerge
Methodology & Data Construction
Source Markets
-
Observable crypto–fiat markets where liquid digital assets (BTC, ETH, major stablecoins) trade directly against local fiat currencies
-
Continuous global venue coverage
Market Selection & Weighting
-
Executable top-of-book bid and offer prices
-
Bid–ask spreads
-
Observed trading volume
-
Market continuity and update frequency
-
Exchange-level reliability indicators
Aggregation & Controls
-
Volume- and quality-aware weighting
-
Outlier and anomalous price detection
-
Exclusion of stale or non-representative quotes
-
Exchange blacklists where appropriate
-
Standardized decimal precision
Rate Outputs
Published Rates
-
Timestamped FX mid-rates
-
Bid and offer rates where applicable
Delivery Frequency
-
Real-time streaming
-
Optional hourly snapshots
-
Optional daily snapshots
What It Does – Use Cases
Our 24x7 FX feed enables institutions to:
-
Maintain continuous FX price discovery outside traditional market hours
-
Monitor FX movements across weekends and holidays
-
Supplement existing FX benchmarks with an independent, transparent reference
-
Support valuation, analytics, and market monitoring when interbank liquidity is limited
What It Will Do for You – Use Cases
Our data empowers your organization to:
-
Improve continuity in risk monitoring and pricing workflows
-
Enhance transparency in FX valuation processes
-
Support regulatory and governance requirements with auditable reference data
-
Reduce reliance on indicative or proxy pricing during off-hours
Access & Delivery Methods
-
Real-time streaming infrastructure
-
Hourly and daily snapshot files
-
Designed to integrate seamlessly into downstream analytics, valuation, risk, and settlement workflows
Contact
Kinga Broel-Plater
Chief Commercial Officer
Kritan Ramanah
Sales Manager
Case Study
Global investors seeking to hedge foreign currency exposures typically buy forward contracts. While effective, this strategy introduces cost and execution challenges:
Inefficient month-end rolls – A popular practise for rolling hedges is to use the month-end date. Market participants have typically crowded into this date where they are often met with skewed pricing and wider bid/offer spreads. The practise was initially driven by the pursuit of operational efficiency in an analogue world. In the information vacuum of poor forwards data, the operational benefits were obvious, and the costs were hidden. That changed when we introduced our Forwards365 data.
“NCFX Forwards365™ provides an independent view of the curve to aide in pre-trade price discovery and optimal date selection when rolling positions. Their data adds value in our process and helps give us increasing clarity into where the market is trading.”
- Eric Brown
T.Rowe Brown (FX Trader)
