Ruble turmoil prompts calls to fix NDF contracts

The sanctions on Russia, and the resulting volatility in the value of the ruble, have led to renewed calls for all non-deliverable forwards – and not only those related to Russia’s currency – to be able to use offshore fixing rates.

As NDFs most often deal with currencies that are difficult to trade physically outside the territories in which they are legal tender, onshore exchange rates have proved the most reliable for fixing. However, if they diverge from the offshore rates on London-based