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NDF Matching Platform

tpMATCH NDF

tpMATCH NDF is Tullett Prebon's electronic Non-Deliverable Forwards matching platform that enables traders to reduce date mismatch risk. It sits alongside our FRA matching platform, tpMATCH, which was successfully launched in 2009 to allow rates traders to reduce libor risk across major currencies.

tpMATCH NDF mitigates fixing exposure by identifying delta neutral mismatches within portfolios, using an optimisation algorithm to offset these in a multilateral matching run. The run is based on a mid-market curve set by our industry-leading NDF desks. Traders specifying their buy and sell requirements commit to buy and sell an equal amount of USD wherever a matched spread can be executed, subject to pre-set credit limits. Each portfolio submission may constitute different notional amounts for each date and total orders need not sum to zero.

Traders send orders to the matching sessions by emailing computer generated spreadsheets to tpMATCH NDF and once all orders are uploaded to the system, tpMATCH NDF performs the matching run.

Post matching run, traders are notified of their trades and residual unmatched orders via email. All confirmations are generated automatically and sent in the usual way including RTNS, ACS, email and fax.

The system, available in major Asian and Latin American NDFs, is hosted in Singapore and supported by our teams in Europe, New York and Asia Pacific offices.

Terms and Conditions

Letting the parameters do the work

We understand that it is quicker to download a block of orders than to have to split them up, so we have tailored our parameters to give you complete control over the trade sets executed and residual risk thereafter.

Parameters Input Options Description (in drop down boxes)
Intra-bank Y/N 'N' prevents matching between traders within the same legal entity
Switching Window Business Days Restricts the number of business days between the start dates of matching trades
Minimum Trade Size Millions Restricts the minimum trade in USD you wish to match
Maximum Order Size Millions Restricts the maximum trade in USD you wish to match
Ad-hoc Restricting by Date X 'X' will restrict matches up to and including this date
Roll to 1 Month Y/N Y' allows a specified date's position to be rolled to the more liquid 1 Month date if the system hasn't already found a match switching with another of your offsetting orders.

The tpMATCH NDF Run Schedule is as follows:

  • USDCNY: Thursday every week
  • USDIDR: Monday every week
  • USDINR: Thursday every week
  • USDKRW: Monday every week
  • USDMYR: Thursday every week
  • USDPHP: Wednesday every week
  • USDTWD: Monday every week

Any changes to the above schedule will be communicated directly to tpMATCH NDF Clients. The run curves are available to participants upon request. For further enquiries, please contact tpMATCH Sales.

Contact

tpMATCH NDF
Tullett Prebon plc
155 Bishopsgate
London EC2M 3TQ
Tel: +44 (0) 20 7200 7170
Fax: +44 (0) 20 7200 7176
Tullett Prebon (Singapore) Limited
50 Raffles Place
#39-00 Singapore Land Tower
Singapore 048623
Singapore
Tel: +65 6922 1499
Tullett Prebon Americas Corp.
101 Hudson Street
Jersey City
NJ 07302
Tel: +1 201 984 6310
Tullett Prebon (Hong Kong) Limited
Suite 1001, 10/F
Citic Tower
1 Tim Mei Avenue
Central
Hong Kong
Tel: +852 2823 8251
Global Email Contact
tpmatchNDF@tpmatch.com
For all SEF enquiries please contact Tullett Prebon's SEF Preparation Team:
Tullett Prebon's SEF
101 Hudson Street
Jersey City, NJ 07302
Tel: +1 (201) 984-6559
info@tpsef.com