Argentina ARS blue dollar
Frontier FXMulti
Argentina blue (parallel) vs official rates
Source: encyclopedia
Asymmetric one-way bet pegs
Exotic CrossesMulti
Pegs offer asymmetric one-way payouts
Source: encyclopedia
Average-rate options Asians
HedgingMulti
Asian / average-rate options for ongoing exposure
Source: encyclopedia
Bangladesh BDT
Frontier FXMulti
Bangladesh taka managed regime
Source: encyclopedia
Belarus BYN restrictions
Frontier FXMulti
Belarus sanctioned limited markets
Source: encyclopedia
CHF funder safe haven
Carry & FundingMulti
CHF funding currency status
Source: encyclopedia
Carry crash protection put
Carry & FundingMulti
Buy OOM puts on high-carry currencies
Source: encyclopedia
Carry trade EM via NDF
NDF StrategiesLong
EM carry trade via NDF cleaner than onshore
Source: encyclopedia
Carry vs CIP signals
Carry & FundingMulti
CIP deviations signal future moves
Source: encyclopedia
Cash-settled in USD
NDF BasicsMulti
Most NDFs cash-settled USD
Source: Wikipedia
Convertibility restrictions drive NDF
LessonsMulti
Restrictions create persistent NDF demand
Source: IMF
Covered interest parity violation
Exotic CrossesMulti
CIP deviations - regulatory cause post-2008
Source: encyclopedia
Cross-currency basis swap CCS
Exotic CrossesMulti
Cross-currency basis swap funding-implied
Source: encyclopedia
Cross-hedge proxy currency
HedgingMulti
Cross-hedge with proxy when illiquid
Source: encyclopedia
Currency overlay program
HedgingMulti
Currency overlay separated from asset selection
Source: encyclopedia
EM FX skew structurally puts
Vol TradingMulti
EM puts (devaluation) priced higher
Source: encyclopedia
EM carry basket
Carry & FundingLong
Long EM high-yield basket
Source: encyclopedia
EM crisis carry unwind 2008
Carry & FundingMulti
EM carry crash 2008
Source: encyclopedia
EM hedge via NDF for portfolios
NDF StrategiesMulti
Hedge EM bond/equity FX via NDF
Source: Convera
EMTA NDF templates
NDF BasicsMulti
EMTA Emerging Markets Trade Assoc templates
Source: encyclopedia
EUR funded carry post-2014
Carry & FundingLong
EUR funder during ECB negative-rate era
Source: encyclopedia
EUR/USD basis crisis 2008
Exotic CrossesMulti
EUR-USD basis blew wide 2008-2011
Source: encyclopedia
Egypt EGP black-market spread
Frontier FXMulti
Egypt black-market vs official spread
Source: encyclopedia
Ethiopia ETB devaluation
Frontier FXShort
Ethiopian birr devaluation 2024
Source: encyclopedia
FX Garman-Kohlhagen pricing
Vol TradingMulti
Modified Black-Scholes for FX (G-K)
Source: encyclopedia
FX IV vs EM bond yields
Vol TradingMulti
FX IV correlates with EM bond yields
Source: encyclopedia
FX butterfly BF
Vol TradingMulti
BF reflects smile/wings
Source: encyclopedia
FX risk-reversal RR
Vol TradingMulti
RR price reflects skew demand
Source: encyclopedia
FX strangle long short
Vol TradingMulti
Strangle on FX vols
Source: encyclopedia
FX vol mean-reverting
Vol TradingMulti
FX vol historically mean-reverting
Source: encyclopedia
FX vol surface delta-strikes
Vol TradingMulti
FX vol quoted in delta not strike
Source: encyclopedia
Fixing source dispute risk
NDF BasicsMulti
Fixing-source dispute risk
Source: encyclopedia
Forward Contracts for Difference
NDF BasicsMulti
FCD = NDF synonym
Source: Wikipedia
Forward implied breakeven
Exotic CrossesMulti
Forward = spot + (rate diff) breakeven
Source: encyclopedia
Forward window hedging
HedgingMulti
Window forwards for cash-flow uncertainty
Source: encyclopedia
G10 carry basket strategy
Carry & FundingLong
Long high-yield short low-yield G10
Source: encyclopedia
Garman-Kohlhagen interest-diff
Vol TradingMulti
G-K uses two interest rates
Source: encyclopedia
ISDA 1997 NDF defs
NDF BasicsMulti
ISDA 1997 added NDF settlement provisions
Source: BIS
Iran IRR sanctioned
Frontier FXMulti
Iranian rial sanctioned market
Source: encyclopedia
JPY basis structural negative
Exotic CrossesMulti
JPY funding basis structurally negative
Source: encyclopedia
JPY funded carry classic
Carry & FundingLong
Classic JPY-funded carry trade
Source: encyclopedia
Knockout / KO option NDF
NDF StrategiesMulti
KO options on NDF underlying
Source: encyclopedia
Layered hedging program
HedgingMulti
Layered % hedging maturity ladders
Source: Convera
Lebanon LBP black-market
Frontier FXMulti
Lebanon multi-tier FX rates
Source: encyclopedia
Myanmar MMK military regime
Frontier FXMulti
Myanmar capital controls post-coup
Source: encyclopedia
NDF basis trade fwd points
NDF StrategiesMulti
Trade NDF fwd-point basis vs onshore
Source: encyclopedia
NDF early 1990s emerged
NDF BasicsMulti
NDFs began early 1990s LATAM
Source: Wikipedia
NDF leads onshore in stress
NDF StrategiesMulti
NDF tends to lead onshore in stress (COVID)
Source: IMF
NDF onshore arb deviation
NDF StrategiesMulti
Trade NDF-onshore deviation when wide
Source: IMF
NDF spillover to onshore
NDF StrategiesMulti
NDF moves can spill over to onshore
Source: IMF
NDF-IRS basis arb
NDF StrategiesMulti
NDF-IRS rate basis arbitrage
Source: encyclopedia
NDO Non-Deliverable Option
NDF StrategiesMulti
NDO cash-settled FX option restricted
Source: encyclopedia
NDS Non-Deliverable Swap
NDF StrategiesMulti
NDS = NDF swap version
Source: encyclopedia
Net exposure netting
HedgingMulti
Net exposure netting subsidiary cashflows
Source: encyclopedia
Nigeria NGN dual rate
Frontier FXMulti
Nigeria official vs parallel pre-unify
Source: encyclopedia
No physical delivery
NDF BasicsMulti
No physical exchange of underlying
Source: Vantage
Non-Deliverable Forward NDF def
NDF BasicsMulti
NDF cash-settled forward in USD
Source: StoneX
Notional amount + fixing date
NDF BasicsMulti
Notional + fixing date specified upfront
Source: Vantage
Pakistan PKR managed
Frontier FXMulti
Pakistani rupee managed - IMF program
Source: encyclopedia
Participating forward
HedgingMulti
Participating forward hybrid
Source: encyclopedia
Peg break event arb
Exotic CrossesShort
Tail bet on peg breaks (HKD CNY etc)
Source: encyclopedia
Quanto / quanto-options
HedgingMulti
Quanto options eliminate FX risk
Source: encyclopedia
Quarter-end XCcy widening
Exotic CrossesMulti
Quarter-end XCcy basis pressure
Source: encyclopedia
Reference rate fixing
NDF BasicsMulti
Reference rate (e.g. RBI) for fixing
Source: encyclopedia
Risk-parity FX carry
Carry & FundingMulti
Risk-parity weighting carry baskets
Source: encyclopedia
Risk-reversal collar zero-cost
HedgingMulti
Zero-cost collar buy put + sell call
Source: encyclopedia
Russia RUB sanctions 2022
Frontier FXMulti
Russia post-sanctions FX dynamics
Source: encyclopedia
Sri Lanka 2022 default
Frontier FXShort
Sri Lanka 2022 sov default first in Asia
Source: encyclopedia
Sri Lanka LKR
Frontier FXMulti
Sri Lankan rupee post-default
Source: encyclopedia
Static vs dynamic hedge ratio
HedgingMulti
Static vs dynamic hedge-ratio choice
Source: encyclopedia
USD/AED 3.6725 peg
Exotic CrossesMulti
UAE dirham fixed peg
Source: encyclopedia
USD/ARS NDF
NDF PairsMulti
Argentine peso NDF (post-deval extreme vol)
Source: encyclopedia
USD/BDT NDF
NDF PairsMulti
Bangladesh taka NDF
Source: encyclopedia
USD/BRL NDF
NDF PairsMulti
Brazilian real - BM&F prices integrate
Source: BIS
USD/CLP NDF
NDF PairsMulti
Chilean peso NDF
Source: encyclopedia
USD/CNH offshore deliverable
NDF PairsMulti
CNH offshore-deliverable Hong Kong
Source: IMF
USD/CNY NDF
NDF PairsMulti
Onshore CNY restricted offshore CNH/NDF
Source: BIS
USD/COP NDF
NDF PairsMulti
Colombian peso NDF
Source: encyclopedia
USD/EGP NDF
NDF PairsMulti
Egyptian pound NDF
Source: encyclopedia
USD/HKD peg 7.75-7.85
Exotic CrossesMulti
HKD peg defense by HKMA
Source: encyclopedia
USD/IDR NDF
NDF PairsMulti
Indonesia rupiah NDF + DNDF onshore
Source: IMF
USD/INR NDF
NDF PairsMulti
USDINR NDF biggest LSE/SGX-listed market
Source: encyclopedia
USD/KRW NDF most liquid
NDF PairsMulti
KRW NDF integrates with onshore (Korea allows banks)
Source: IMF
USD/MYR NDF
NDF PairsMulti
Malaysia restricts MYR NDF
Source: IMF
USD/NGN NDF
NDF PairsMulti
Nigerian naira NDF
Source: encyclopedia
USD/PEN NDF
NDF PairsMulti
Peruvian sol NDF
Source: encyclopedia
USD/PHP NDF
NDF PairsMulti
Philippine peso NDF
Source: encyclopedia
USD/PKR NDF
NDF PairsMulti
Pakistani rupee NDF
Source: encyclopedia
USD/QAR 3.64 peg
Exotic CrossesMulti
Qatari riyal fixed peg
Source: encyclopedia
USD/RUB NDF
NDF PairsMulti
Russian ruble NDF post-2022 sanctions
Source: encyclopedia
USD/SAR 3.75 peg
Exotic CrossesMulti
Saudi riyal fixed peg
Source: encyclopedia
USD/SGD financial-hub
Exotic CrossesMulti
USDSGD - SG Treasury management
Source: encyclopedia
USD/TWD NDF
NDF PairsMulti
Taiwan dollar NDF
Source: encyclopedia
USD/UAH NDF
NDF PairsMulti
Ukrainian hryvnia NDF
Source: encyclopedia
USD/VND NDF
NDF PairsMulti
Vietnam dong NDF
Source: encyclopedia
Venezuela VES hyperinflation
Frontier FXShort
Venezuelan bolívar hyperinflation
Source: encyclopedia
Vietnam VND USD/VND
Frontier FXMulti
Vietnam dong managed crawl
Source: encyclopedia
Volatility-adjusted carry
Carry & FundingMulti
Vol-adjusted carry baskets
Source: encyclopedia
Year-end basis squeeze
Exotic CrossesMulti
Year-end USD funding squeeze
Source: encyclopedia
Zimbabwe ZWL recent ZIG
Frontier FXMulti
Zimbabwe ZWL → ZIG gold-backed 2024
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.