A new master
China took another significant step forward in the development of a unified single master derivatives contract in March with the launch of the revised Nafmii Master Agreement. Chin-Chong Liew, Simon Zhang and Chris Zhao of Linklaters look at the mechanics and special features of this agreement
On March 16, the National Association of Financial Market Institutional Investors (Nafmii), a trade association established in 2007 by the People's Bank of China (PBOC), published the 2009 version of the Nafmii Master Derivatives documentation. This merges the 2007 version of the document with the National Interbank Foreign Exchange Market RMB-FX Derivatives Master Agreement, released the same year by the China Foreign Exchange Trading System (CFETS). The Nafmii agreement can be signed and used
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