tpMATCH NDF is Global Wave Group Limited'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.
| 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.
|
