Revised Asian Currencies Non-Deliverable Swap Transaction Standard Terms Supplement and Confirmation

This template is designed to document non-deliverable interest rate swaps and cross-currency swaps (either fixed/floating or basis swaps) involving the following non-deliverable Asian Currencies: CNY, IDR, INR, KRW, MYR, PHP, PKR, TWD and THB. The Settlement Currency can be any one of USD, EUR, GBP, JPY, AUD, HKD and SGD. The template comprises of:
(a) the Standard Terms Supplement;
(b) the Fallback Matrix; and
(c) the Confirmation.

The Association of Banks in Singapore (ABS), in consultation with the Singapore Foreign Exchange Market Committee (SFEMC) had on June 14, 2013, announced a number of changes to the ABS financial benchmarks in order to enhance the robustness, transparency and efficiency of the benchmark contribution process in Singapore. For further information, please refer to the ABS and SFEMC press release, ABS details , SFEMC details, and related materials.

In order to facilitate a smooth transition to the new benchmarks, the SFEMC has made a number of recommendations, including that NDF and other relevant contracts referencing the SGD, THB, IDR or MYR spot rate benchmarks that are entered into on or after August 6, 2013 should reference (as applicable) the new spot rate benchmarks for SGD, THB or IDR or the existing onshore MYR spot rate benchmark.

This revision amends the references to the existing SGD, THB, IDR or MYR spot rate benchmarks to the corresponding new spot rate benchmarks for SGD, THB or IDR or to the existing onshore MYR spot rate benchmark and further, in respect of MYR, to amend the Valuation Date Business Day city(ies) from Kuala Lumpur and Singapore to Kuala Lumpur only. It also removes VND as the VND spot rate benchmark has ceased to be published.

Please note that the template is not designed to document arrears swaps and compounding swaps.

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