NDF nightmare: banks seek fix for benchmark ‘mess’

European firms face bar from using three Asian fixings from 2020, raising concerns about legacy trades

In less than 18 months, European users of non-deliverable forwards (NDFs) face a big problem – three fixings in popular Asian currencies could be deemed off limits by regulators.

This is thanks to the European Union’s Benchmarks Regulation (BMR), which prohibits European firms from using non-authorised benchmarks, indexes and fixings from the start of 2020.

But while the deadline is clear, market participants complain little else is. The scope of the rules is still unclear to many, and the opt